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Freddie Mac Reports Record Volume for Multifamily Business

As the multifamily sector continues to flourish, ""Freddie Mac"":http://www.freddiemac.com/ also announced it hit record volume for its multifamily business.


In 2012, the GSE supported the multifamily sector with $28.8 billion. The figure represents a 42 percent increase from 20.3 billion in 2011 and is the highest level since 2008, when multifamily business activity reached a record $24 billion.

""It was a phenomenal year for us and the sellers and servicers in our network,"" said David Brickman, SVP of Freddie Mac Multifamily. ""We achieved record volume while maintaining strong credit discipline and providing essential liquidity to the growing multifamily mortgage market. In the fourth quarter we completed about 33 percent of our yearly volume -- approximately $10 billion in multifamily mortgages.""

Overall, the GSE was able to provide financing for over 1,600 properties, which translates into more than 435,000 apartment units. In addition, most of the units are affordable to low- or moderate-income families.

Freddie Mac also announced the multifamily business in 2012 hit the lowest delinquency rate in two years.

""Multifamily is a profitable business line for Freddie Mac, and has produced nearly $4 billion in segment earnings since 2010. This includes $1.65 billion in the first nine months of 2012,"" Brickman added.

About Author: Esther Cho


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