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.
The Coming Rental Housing Wave
The apartment market is the housing industry's and the broader economy's poster child for good news and optimism. It's an exciting time to be in this growing sector where it is projected that $1 trillion in capital and 10 million additional apartment units are needed in the next 10 years as more individuals turn to apartment living.
The market growth is influenced by changes in demographics and consumer attitudes toward renting. The move from owning to renting reflects financially stressed households (who may face short sales or foreclosure of homes they had owned) and an increase in young and newly formed households who have decided to postpone homeownership in favor of renting during unsettled economic times. In fact, the decline in the homeownership rate has been sharpest for those household heads under 30 years of age.
Our Multifamily Business - Meeting Market Needs With an Eye Toward the Future
Throughout the public debate about the future of the GSEs, Freddie Mac's multifamily business has remained focused on two main goals: meeting the funding needs of the apartment financing market and being innovative, even while in conservatorship.
During the economic crisis, U.S. housing markets collapsed and rental housing became more important. Most sources of liquidity for apartment lenders left the market. But not Freddie Mac – we were ready and stepped up to the plate to be a continuous and reliable source of liquidity. As one of the main funders of multifamily loans, we've purchased about 30-40 percent of the multifamily loans made in the marketplace in the last two years.
