Posts by David Brickman
David Brickman was named senior vice president of Multifamily in June 2011. As head of Multifamily, Brickman is responsible for customer relations, product development, marketing, sales, loan purchase, asset management, capital markets, and securitization for the company’s multifamily business, which includes the flow mortgage, structured and affordable mortgage, CMBS and low-income housing tax credit portfolios. The total multifamily portfolio was $180 billion as of March 31, 2013. He is a member of the company’s senior operating committee and reports directly to CEO Don Layton.
A fairly typical pattern for American households for decades has been much the same as my own experience. I grew up in an apartment (in New York City) and lived in apartments throughout college, graduate school, and my first few years in the workforce; my wife and I purchased our first house shortly before we had our first child. However, subtle signs indicate that a new pattern may be emerging.
More than one-third of U.S. households rent their homes, the most since 1997. Between 2004 and 2011, we gained 5.4 million net-new renter households. Today, 15 million households live in multifamily apartment properties (five or more units) and demand for rental housing is expected to rise for years to come, driven by a range of factors.
Since one-third of Americans rent rather than own their home, Freddie Mac has a vibrant business focused on the multifamily marketplace. Here, we work with a variety of business partners – lenders, borrowers, and securities investors – to finance affordable housing for renters nationwide. How are we doing in terms of creating value for these stakeholders as well as the U.S. taxpayers who capitalize Freddie Mac?
Earlier this year, our regulator, the Federal Housing Finance Agency (FHFA), issued a strategic plan for Freddie Mac and Fannie Mae. In the plan, FHFA envisioned different kinds of work for GSE single-family and multifamily businesses.
Why does multifamily have a separate and distinct role in housing our nation? There are several reasons.