Freddie Mac · OTC:FMCC
Freddie Mac — Federal Home Loan Mortgage Corp (Fmcc, Fmccg, Fmcci, Fmccj, Fmccl, Fmccn, Fmcco, Fmccs, Fmcct, Fmcki, Fmckl, Fmckn, Frejn, Frejo) — Q1 2024 Earnings Presentation
14 slides from Freddie Mac's earnings presentation, May 1, 2024
Slide 1: First Quarter 2024 Financial Results Supplement
© Freddie Mac First Quarter 2024 Financial Results Supplement May 1, 2024 Exhibit 99.2
Slide 2: Financial Highlights
© Freddie Mac 2 Financial Highlights $4.8 $5.3 $5.7 $5.4 $5.8 $2.0 $2.9 $2.7 $2.9 $2.8 Net revenues Net income 1Q23 2Q23 3Q23 4Q23 1Q24 Net revenues and net income $ Billions ▪ Net income of $2.8 billion for the first quarter of 2024, an increase of 39% year-over-year, primarily driven by higher net
Slide 3: Mortgage Portfolio Balances
© Freddie Mac 3 $3,415 $3,431 $3,456 $3,480 $3,486 $2,989 $3,004 $3,024 $3,039 $3,043 $426 $427 $432 $441 $443 Single-Family mortgage portfolio Multifamily mortgage portfolio 03/31/23 06/30/23 09/30/23 12/31/23 03/31/24 Mortgage Portfolio Balances Mortgage portfolio1 UPB in $ Billions 2% YoY increas
Slide 4: Conservatorship Matters
© Freddie Mac 4 $50.5 $120.4 $140.2 Net worth Senior preferred stock liquidation preference Remaining Treasury funding commitment As of March 31, 2024 Conservatorship Matters Pursuant to the Purchase Agreement, Freddie Mac will not be required to pay a dividend to Treasury until it has built suffici
Slide 5: Key Economic Indicators
© Freddie Mac 5 National home prices3 increased by an average of 6.6% over the past year 6.32% 6.71% 7.31% 6.61% 6.79% 4.63% 5.07% 5.32% 5.34% 5.32% 30-year mortgage rate, based on Primary Mortgage Market Survey (PMMS) SOFR 03/31/23 06/30/23 09/30/23 12/31/23 03/31/24 Key Economic Indicators Quarter
Slide 6: Single-Family Financial Highlights and Key Metrics
© Freddie Mac 6 $2,989 $3,004 $3,024 $3,039 $3,043 1Q23 2Q23 3Q23 4Q23 1Q24 0.76% 0.88% 0.99% 1.10% 0.96% 0.20% 0.21% 0.24% 0.27% 0.24% 0.62% 0.56% 0.55% 0.55% 0.52% One month past due Two months past due Seriously delinquent 1Q23 2Q23 3Q23 4Q23 1Q24 $59 $83 $85 $73 $62 $51 $73 $76 $65 $53 $10 $9 $8
Slide 7: Single-Family Loan Purchase Credit Characteristics
© Freddie Mac 7 79% 79% 78% 77% 78% 1Q23 2Q23 3Q23 4Q23 1Q24 86% 88% 89% 89% 86% 9% 8% 8% 8% 8% 5% 4% 6% Home purchase Cash-out refinance Other refinance 1Q23 2Q23 3Q23 4Q23 1Q24 749 751 753 752 753 1Q23 2Q23 3Q23 4Q23 1Q24 23% 26% 29% 31% 28% 1Q23 2Q23 3Q23 4Q23 1Q24 New business activity with debt
Slide 8: Single-Family Credit Risk Transfer
© Freddie Mac 8 UPB covered by new CRT issuance $ Billions $15 $56 $8 $36 $58 1Q23 2Q23 3Q23 4Q23 1Q24 Mortgage portfolio with credit enhancement UPB in $ Billions Single-Family Credit Risk Transfer $1,840 $1,864 $1,865 $1,860 $1,867 62% 62% 62% 61% 61% UPB Percentage 03/31/23 06/30/23 09/30/23 12/3
Slide 9: Multifamily Financial Highlights and Key Metrics
© Freddie Mac 9 $6 $13 $13 $16 $9 1Q23 2Q23 3Q23 4Q23 1Q24 0.13% 0.34%0.20% 0.32% 0.66% 0.96% Freddie Mac (60+ day) FDIC insured institutions (90+ day) MF CMBS market (60+ day) 1Q23 2Q23 3Q23 4Q23 1Q24 Multifamily delinquency rates $426 $427 $432 $441 $443 1Q23 2Q23 3Q23 4Q23 1Q24 Multifamily Financ
Slide 10: Multifamily New Business Characteristics
© Freddie Mac 10 Acquisitions of units by area median income (AMI) (% of eligible units acquired) 44% 38% 36% 38% 33% 25% 29% 30% 29% 28% 22% 23% 24% 27% 29% 9% 10% 10% 6% 10% ≤60% >60% to ≤80% >80% to ≤120% >120% 1Q23 2Q23 3Q23 4Q23 1Q24 1.27 1.27 1.26 1.27 1.29 57% 58% 60% 59% 61% Weighted average
Slide 11: Multifamily Credit Risk Transfer
© Freddie Mac 11 $396 $402 $410 $415 $415 93% 94% 95% 94% 94% UPB Percentage 03/31/23 06/30/23 09/30/23 12/31/23 03/31/24 Mortgage portfolio with credit enhancement UPB in $ Billions $8 $16 $17 $11 $7 1Q23 2Q23 3Q23 4Q23 1Q24 Multifamily Credit Risk Transfer UPB covered by new CRT issuance $ Billion
Slide 12: Housing Market Support
© Freddie Mac 12 24 20 18 19 21 7 6 5 6 5 11 9 7 8 10 6 5 6 5 6 Forbearance and other Payment deferral plans Loan modifications 1Q23 2Q23 3Q23 4Q23 1Q24 Number of families Freddie Mac helped to own or rent a home5 In Thousands Housing Market Support 250 372 389 391 279 33 41 38 37 33 157 217 233 199
Slide 13: Endnotes
© Freddie Mac 13 Endnotes 1 Based on unpaid principal balances (UPB) of mortgage loans held-for-investment, mortgage loans held-for-sale, and mortgage loans underlying our mortgage-related guarantees. 2 Includes the initial $1 billion liquidation preference of the senior preferred stock issued to Tr
Slide 14: Safe Harbor Statements
© Freddie Mac 14 Safe Harbor Statements Freddie Mac obligations Freddie Mac’s securities are obligations of Freddie Mac only. The securities, including any interest or return of discount on the securities, are not guaranteed by and are not debts or obligations of the United States or any federal age