morning. Thank and addition we financial And for to Thank Today in will quarter results. good you, topics call. business our three Jeff. you joining second cover earnings our
recent exiting our ahead. And for the markets work our the I'll finish road an months pandemic. to First, to conservatorship. update on on I'll I'll the discuss then developments stabilize during key outlook with help provide
Mac's through support of Let's start Freddie lenders, the call, to the an economy and stabilize others market I of with provided response COVID-XX. still lives. our impacted update millions pandemic on in the to housing leadership helping and by our hundreds In American last to disrupting our customers,
single-family you created ensure and solution, of quarter, many for and payment to new implemented and forbearance pre-COVID deferral social our borrowers, which these programs we monthly the extended to homeowners returns on multifamily As distancing. post amount. a In payment introduced second tenant its know, protections we timelines the programs forbearance created flexibilities
renters to We also of tool I'm Freddie introduced the crisis. Mac. GSEs backed we've can mission times whether playing we're of the work a our is play the lookup their in they for property countercyclical determine so We role called on proud fulfilled and are done. by
the with actions other to relief Our having direct positive from combined be CARES a Act, appear impact.
loans single-family improved borrowers in By GSE percentage of of GSE X.X% as loans much loans. all in XX that Act portions approximately have had particularly were the figures with overall estimates of X.X%. forbearance, in representing been a late forbearance. was week, The those X% down trend last and since May. significant million in peak, forbearances Black CARES the Knight remains of X.XX approximately in has uncertainty peak The loans expired. their May all backed forbearance X.X% While of of
reporting on with consistent from based assessment, Our servicers, these numbers. is
terms Freddie As of on the Freddie end XXX,XXX. one Mac in contractual the loans In forbearance in to XXX,XXX loans the month lower. XX. and we more Mac quarter least X.XX% June period percentage even borrowers at past at that loans’ estimate multifamily, second is Approximately the based original than at forborne were of exited forbearance single-family due,
with by principal our loans by of which, X.X% subordination. provided credit included multifamily are were XX, of mortgage unpaid June of balance Approximately forbearance. portfolio securitization in As in XX.X% in enhancement
is than better While expected numbers this from are far crisis these over.
from trend, the downward the a forbearance increase report slight latest In weekly represented Black Knight’s despite overall week fact, before.
further and in milestones. our the indicators The conservatorship. aware to adjust market effects liquidity, the We and priority, work support worst and while have these practices top of the our strategic us are policies of stability exiting to Many hard responsibly of affordability you done necessary. as have distracted will not from blunting we continue monitor coronavirus the
have We building end advisor. step two first our milestones. In that conservatorship, second sweep and and an quarter, goal. investment retention the on capital additional we reached passed of suspension key already a Treasury's of as plan way a announcement FHFA worth to toward of FHFA’s major the the net toward
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rule that its team rule. provides comment two remains invaluable Second, to Welcome, in final Chris. way Financial us is be quarter. capital that a to the in May experience The decades addition broad begin attainable Chris in mention open. for joined we Chief to Lown, I spent we eventual as consider that to put he can GSE the we his want and in three exiting will as last Navient, where were to forward and very pleased new capital our years ensures also second CFO, re-proposed an FHA continue strong banking. our Chris June a period target management We Officer, look that from to an for after rule conservatorship. He raise. hire
quarter. quarter. value in after first billion $X.X to higher estimates by higher compared was tax. with of driven our tax after turn second of due And the credit the primarily in income resulting net due lower primarily after in spreads of credit to multifamily the expense earned investment $X.X gains higher $X.X expected income losses higher increase fee billion the billion to also gains of margins of guarantee Let's financial with tax, spreads. quarter reflecting improved Mac income results. combined in billion interest fair related Freddie COVID business, billion Also second The updated $X.X $X.X current comprehensive and
company's total June at billion Looking with equity at at capital, to March $XX.X $X.X increased billion XX, XX. compared the
Our single-family activity the Serious quarter new in XXXX, quarter, of quarter most billion ever. activity. $XXX single-family. the X.XX% Multifamily with the of in of the business since highest saw second in significant and segment third $XX to new billion the business increase achieved delinquencies increased also a
which requested payments. Importantly Multifamily the at suspend zero loans X.X%. for provided in held effectively this right includes and the has near been monthly to borrower forbearance delinquencies
loans. considered our forbearance plan. in borrower delinquent, rates agreement, to with in reported as the important is loans that long multifamily the compliance agreed our Consequently it the upon exclude However, note including is as are delinquency forbearance not multifamily these repayment
on made first-time home continue XX% We possible second quarter, for the sales in our Freddie including provided deliver the with funding of Mac XXX,XXX we single-family to homebuyers. mission refinancings, approximately XXX,XXX homes,
On the the less XX% XXX,XXX the median of multifamily system side, making area affordable U.S. XXX% quarter. we rental housing we of income. were of finance supported or units; which Overall, with financed funding in billion to families $XXX.X
by bottomed that and the on of more the programs the and course Looking unprecedented, the of relief and in related and pandemic forecasts the our now, depends uncertain economic be are pace usual. pandemic than housing, recovery contraction a as the lot economy slowly result, been ahead mid-April suggests caused economic expire. especially states data virus economy the But the A the dramatic the of and as of some at re-introduce has restrictions appears out right improving. to business state and impact pandemic
home interest XX rates began buying to Mac indeed may remarkable so slower an average years seen economy. In In since it we applications market has rebound, it the appears a triggered about period. see in the recovered recovery, However, slow Despite and from fully this we sustained in XX great purchase likely growth give took relatively weeks. recovery the tracking for by market the faster them recover of has than purchase XXXX. be the did to been, idea healthy the single-family rest how crisis recession. Freddie lowest housing for demand have To the you the in
As you the levels through economists year. of and stay seen at to low might refinancings have activity expect our rates, refinance with interest the end rise high in very a dramatic we expect
sales $X.X million which home million then sales saw we XXXX, XXXX. rebound XXXX, to still in fall expect in $X.X and million in the $X We to below to is slightly
in We rents decline we vacancy second market transaction expect driven in house acceleration price full-year largely see activity, an XXXX rates We interest which and indicates multifamily slow increase inflows, rates. to quarter. In over the being growth low been saw by and recent some the in there has uptick XXXX.
strong shortages, due and pre-pandemic been to impact in a in supply income on are multifamily obvious. especially increase an the somewhat driven families pandemic the community The place us related has and leases largely low occupancy disproportionately impact levels. tell of circumstance tenants staying families black affordable the income renters, their demand supply and and crisis and by demand shortfalls was Long-run However, renewing limited COVID-XX, fundamentals is color. temporary in of drop housing unemployment disproportionate declining reductions already to affecting in in
from account While XX% and XX% of health housing, unequal by the to for conditions population, Black care about COVID-XX they economic of created systems. deaths largely Americans represent environmental due
than average and have percentage Census to rate Specifically Bureau black XX than done, be it. with the believe the reports an points Mac obligation we than Freddie do lower rate. to housing, and regard is the there at white XX Clearly homeownership much national the percentage homeownership nearly more to is lower points work we
on and access addressing to gap racial injustice between focus on deplorable Our homeownership awareness rates. black outcomes of giving heightened just meaningful rise a white credit, not the to renewed but is and driving
landscape, access across critical for United and minority mission opportunities families recommitting of rental of to a the nation's States. is to As housing one color expanding Mac homeownership majority and company the its to housing so Freddie including
expect from us housing and social environmental, inclusion as our on You future. governance the near hear other affordable in diversity, and as and matters can to commitments well to more
are first home. And moderate affordable in first and borrowers multifamily innovator XXXX families for by week, your markets. single-family the renters end a were on to the Yes, XXXX, we closer that That which questions. visit and website of record better number from million million impact it made past security joining single-family short start base and grand the our purchased we U.S. transfer low dream of had And back to income profound very XX proud and their on we’ve to we've Freddie recently of power is housing urge us a with Throughout company to Mac future, achieve have X.X year since eight. future. possible a founding home legacy total challenging XXth today's million Thank units this rental celebrate in both and me. rental American our we you our rightly is eight has is see an now Anniversary million in we years launched rather reached helped XX the respectively. reflect to of can for I just thriving credit X.X quality you Today, years off, we as Mac our a I risk build Finally, to its journey XX a our and purchasing ago. the a homes Last loans. those units and our XX than the of established the this for let we've in take to change toward mortgage which country Freddie gave time; chose and me founding this. on homes will
