Executive Perspectives Blog
We just wrapped up another MBA National Secondary Market Conference & Expo, which is always a great opportunity for the Freddie Mac team to meet face to face with our customers and colleagues throughout the housing finance industry. Email and telephone calls are fine, but nothing beats a personal meeting – and my team and I had a lot of them during our time in New York City.
During the height of the housing crisis, Freddie Mac was answering 40,000 calls a month from struggling borrowers, house hunters with questions, real estate professionals looking for help, and even banks and credit unions needing advice. That's more than 1,300 calls a day.
Today Freddie Mac announced its 14th consecutive quarter of profitability, reporting net income of $524 million and comprehensive income of $746 million for the first quarter of 2015. These results demonstrate our continued progress in building a profitable, sustainable business model and our commitment to moving housing forward.
Today's a big day: We issued our 80th K-Deal, tallying $100 billion in these commercial mortgage-backed securities (CMBS) since June 2009. Thank you to everyone who contributed to this achievement. It's inspiring and a little dizzying to think about all that this milestone represents – and what's possible from here.
Private mortgage insurance (PMI) plays an important role in the mortgage finance system because it makes homeownership possible when 20 percent down payments are an obstacle to otherwise qualified borrowers. The 2008 housing crisis underscored the importance of the mortgage industry to maintain a financially strong and resilient system that can provide consistent liquidity and broaden the access America's borrowers have to affordable mortgage credit in good times and bad.