Freddie Mac’s strong financial performance in the second quarter of 2021 is helping us fulfill our mission of providing liquidity, stability and affordability, and we continue to support families affected by the pandemic.
“Our mission guides our work and provides opportunities to broadly serve the housing finance market and make it accessible for all,” said Freddie Mac Chief Executive Officer Michael DeVito.
Here are some mission-related highlights from the quarter:
- We supplied $306 billion of liquidity to the single-family and multifamily markets in the quarter.
- Our funding helped 1.2 million families purchase, refinance, or rent a home — a significant increase compared with the 1 million we supported in the second quarter of 2020.
- Strong refinance activity helped us provide funding that reduced mortgage payments for 708,000 families.
- We provided support for 131,000 first-time homebuyers, representing 47 percent of home purchase loans.
- Of the 137,000 multifamily units we financed, 77% were affordable to families making at or below 80% of the area median income, and 97% were within reach of moderate-income families making 120% percent of the area median income (AMI).
“Focusing on our pandemic-related support, in the last year and a half we have helped hundreds of thousands of at-risk homeowners and renters remain in their homes, while helping maintain the stability of the U.S. housing finance system,” said Chris Lown, chief financial officer at Freddie Mac.
Overall, during the pandemic:
- We extended up to 18 months of forbearance to more than 800,000 single-family borrowers.
- We extended COVID-19 related forbearance to more than 1,400 qualifying multifamily properties, protecting tenants in 135,000 units from eviction for non-payment of rent.
- We recently expanded the use of interest rate reductions to help borrowers with a COVID-19 hardship reduce their monthly mortgage payment.