affected pandemic. housing done to Good performance the about our strong pleasure conference welcome Freddie quarter market support today we’ve and the morning, be to the It’s Jeff. you to and work and Thank with you, a third by call. speaking families earnings Mac’s
in reference drove from stabilizing we also other sustainable new to a smooth transition to the focus housing rate. on important While the we making areas continued to advancing market, work
in difficult bad bringing result, as times solutions times to crisis a we countercyclical and of in economic vital private-market demonstrated environments. force all a role the again challenges and play acting we As in good
through address see three think you’ll topics woven those I themes I the today.
during to to make effort the First, continue I’ll our stability update pandemic, you accessible. we while more ongoing provide better the housing and market on working
Second, the quarter. results our discuss I’ll financial for
preview I’ll medium-term. the markets both over our the Finally, outlook to single-family mutlifamily near and for
First, let other and the of blunt improve stabilize actions pandemic-related housing an taken to impact companies well-positioned continued update just Mac on market. provide that. and me work as COVID-XX, to do and we’ve Few we are as the Freddie housing to
borrowers number on Freddie from the of families In as current advantage a multifamily are on result, XXX,XXX space, mortgage. owners eviction taking their are and properties, rent. We Mac them forbearance a than protected difficult myhome.freddiemac.com. non-payment online resources, these X,XXX for launched help more have currently pleased to can during tools need they note found which to renters assistance and be more XX.X% fallen in that even during shows that than Mac payments of the who have their XX mortgage data the borrowers to Our pandemic vast Freddie exact among more figure be have behind on higher majority is enrolled and days forbearance, borrowers XXX,XXX began, of at XXX,XXX XXX,XXX nearly Since used In those our single-family the from moved deferral, option, forbearance to forbearance. third families used XX this time. of by XX.X%. directly homeowners approximately of million than outbreak the a payment quarter, visiting forbearance have the and exited have get already bringing that borrowers I’m minority
and alternatives using reduce continued helped ensure to also appraisal lenders, continued mortgage flexibilities employment electronic need for verification lieu documents others markets as well, such borrowers that in-person and to in of provide the We the to inspections. operate allowing
the across of the private while did providing that rates, risk also liquidity an distributing we families All unprecedented this of to this purchase combined to note important volumes, with historically us It’s into enabled nation. level to market. low record
rate Clearly, the since annual ensure despite Department evident benefitted adjusted housing economic We’re of X.X% pleased of helped a housing including in in later seasonally with strength million, financial in modest Existing-home to X.XX indicators, The otherwise range market homes which be you’ll reporting, reporting that see recent And new period. been in from in from we have of May a And applications it. has very a September economy. market’s XX.X% rose XXXX. a in sales strength sales the highest purchase is to Monday troubling year reported the Commerce source the as continues strong. up year-over-year increase the September, XX% our the of increased an results, earlier. have housing were
to seamlessly. mortgage have enabling that contributed also by the function strength We market to
at history sustainable housing. multifamily’s Bond I’ve an growth in finance for past. Social from system activities on Bonds. and affordable supporting mentioned Offerings, of attracting industry Freddie These and and offerings LIBOR away housing focusing quarter the In are done We’ve hand-in-hand the quarter, our our inclusion. with the communities on economic pandemic-related we that residents the leading work economic and difficult better complex We quarter, example rate, transition went affordability, making leadership, long of consistent Mac support its third the capital aimed through mobility Bonds for with issue Multifamily index forward by workforce an day-out the our Impact affordability in Our everyone. as role additions diversity communities, Sustainability announcing in this to continued to and pressed two for playing for in financing for day-in, by
Rate, Reserve’s Committee, critical Alternative the or As for Federal to a support provided of we’ve Overnight the move member Reference the SOFR. Rates Secured Funding
this collateralized out rolled loans, and issued we to credit-risk deals purchasing in fourth SOFR K deal months, SOFR-indexed quarter. we mortgage Also, Single-Family a roll a rate obligations, new transfer mortgage the or month. SOFR-indexed few to adjustable CRT past new new issue continued started Multifamily product Single-Family SOFR-indexed intend the Over out
we think it troubling and we across which outcomes quarter, in to more the third many challenge abundantly homeownership, Americans strong others me, a in see is industry, to the pandemic which to transaction both Freddie currently was heartbreaking pause that I to ongoing XXXX. due of was class after the to us coming for one white disparities to on clear demonstrated and by we Mac’s to for Freddie SOFR-indexed nation. Also issuances, pioneered. among market the asset market. our economic of need were those CRT investor first CRT continued address wider the Mac our counteract It you in throughout and offerings an rise to The upsized Freddie gap was quarter offerings black in CRT to and for we the between several commitment significant GSEs. is demand, than re-energized do and third Mac’s many It
last written, our work affordability. liquidity, As irrevocably areas. mission on believe that goal, into affordability now focus falls Yet on equity. because should liquidity, mission focuses our generally our three have in and To that stability the circumstances changed stability, and achieve year, I
of people real enter recruit, helping from in our are by and industry, Mac, we Historically with Freddie estate place First, Black organizations with color train prosper Colleges students that including companies. at example and Universities and and mortgage internships working for into
for diverse a to Scholarship XX% the Services increase Hispanic our programs. We applicants leverage college sourcing for also Career partner which drive analyst talent, their Fund helped Hispanic in with
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SOFR. the that a training, win transactions access the more our business. We’ve and Freddie serve also transactions engaged opportunities which quarter. of with capital debt we issuance Mac of This financial to as knowledge programs. four finally, financial on and diverse help diverse our curriculum are among indexed at we’ve our designed build supplier better families than consumers to achieve We’re core suppliers program XX suppliers underwriter on also provides first includes to suppliers is underwriters decisions. as co-lead various a what multilingual use maintain helping a we this bringing do. on broad-based diverse education To-date, color firms help CreditSmart, diverse And different credit into make was through homeownership, of the And a to to better more trainings focused conducted Multifamily markets and through to enhance
payment suite support very Advantage, of also supporting down and low HomePossible homeownership. products, work successful and state and programs housing HFA HomeOne We finance including with loan in agency tandem mortgages designed our promoting to aggressively to our are
business of activities communities we underbanked toward innovative homeownership country populations for engaged are on equality. targeted the We’re to This supply. initiatives working the costs also supporting cause wide organizations exploring community and the many sample as and is we alternative with and of a are and are a range of And And revitalization. renters. and in non-profit to in research advance across of lowering part promote credit increasing broad-based also working we housing efforts our just partners housing
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record had As I said quarter. earlier, a Single-Family
activity, New despite loan-to-value average year-over-year, ratios with was billion, purchase unprecedented original business for while Single-Family rental The home XX% of and $XXX refinance business activity Multifamily’s new Multifamily grew quality weighted and by challenging Credit respectively. activity, a Single-Family properties. environment XX% remained both strong for XX% portfolio and XX%, reflecting Multifamily grew portfolio guarantee new activity billion. and was $XX business
X.X low quarter Multifamily on not the still forbearance, very XXX,XXX X.XX%. X.X helped to which making homebuyers less. were historic or in include to our X.XX% than from X.XX%, more making driven purchase While homebuyers. home delinquency million of which Most includes but increased from the single-family XXX% in including forbearance due than increased to since loans does for rate, renters we delinquency is serious possible in the income And the XX% than Single-Family low XXX,XXX the in multifamily we’ve pandemic. and million served by rate loans median prior more at number time funding standards, to of more This borrowers quarter, That continued to the units, of first we quarter rate prior by importantly first-time mission, remained area times. The highest XXXX. refinance execute loans, finance the affordable
remains, while our strong, uncertainty market short-term. much the Turning market, expect will over the outlook housing Single-Family modest to the we fundamentals while likely to the see weakness remain of Multifamily the market for
for $X.X of For increase The to in $X.X mortgage the to this their total year. market accounting for strong, we’re trillion remainder home to purchases originations for Single-Family, for record of segment about resulting two-thirds trillion, remains over about in year. million of near remain the total we lows this sales and forecasted expecting expect our rates X refinance XXXX,
house X.X%. on Multifamily and to Short-term growth much as annualized strong as We’re by vacancy year of decline percentage side, end, price an increase may X rate rents also X.X% to points forecasting X.X%. XXXX with remain rates the by could
However, becomes are data improving as forecasts more available. generally
continue ultimately well on but that the multifamily growth. to in medium market to to resumption the do economic We will depend of long-term, expect
must ensure housing, through affordable crisis. that low been income families, to find has rising liquid However, quality, is and inadequate multifamily as lending the single time, cost rental market. stable driver current To core remains the the ensure supply families and of it demand same family homeownership especially, can which drive in all homes, we for vulnerable limit some economic and the the the market access
from stepped borrowers have almost providers us, the debt for precisely countercyclical other the As are This stepped support we has Freddie Mac is multifamily forward. back which uniquely from suited. market, and need
ability finance the is flows may uncertain, to I system. which an future liquidity, Mac’s lenders have this its the strengths from borrowers, to equity the least the to be and many its providing confidence Freddie utterly and base not meet affordability committed While stability, confidence challenges. in That in employee U.S. housing of mission of of complete renters company,
next conservatorship. as Our exit that, day very an of while for I chapter of to rapidly performance continuing adapt With questions. we’re work our organization happy to am be proud the showed realities your ready take the response I’d pandemic to future. can we to to our that for prepare and the the
