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Federal Home Loan Mortgage Corp (FMCC+3.38%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's financial performance, including a net income of $11.9 billion, a 13% increase from the previous year. This was primarily driven by higher net revenues, which rose to $23.9 billion, up 13% year-over-year.
The company's net worth increased to $59.6 billion as of December 31, 2024, from $47.7 billion the previous year. This growth is attributed to increased net income and higher net revenues.
Freddie Mac provided $411 billion in liquidity to the mortgage market in 2024, financing 1.6 million home purchases, refinancings, and rental units.
The company's mortgage portfolio grew to $3.6 trillion, a 3% increase from the previous year. The Single-Family mortgage portfolio was $3.1 trillion, while the Multifamily mortgage portfolio reached $467 billion.
Credit enhancement coverage was reported at 62% for the Single-Family mortgage portfolio and 91% for the Multifamily mortgage portfolio as of December 31, 2024.
Freddie Mac continues to operate under conservatorship, with the Federal Housing Finance Agency (FHFA) as its Conservator. The conservatorship significantly impacts the company's management and business activities.
The filing details Freddie Mac's strategic priorities, which include delivering on affordable housing, managing risks, developing talent, and building financial strength.
Freddie Mac's human capital management strategy focuses on attracting, developing, and retaining talent, with 8,076 full-time and 27 part-time employees as of January 31, 2025.
The company has two main business segments: Single-Family and Multifamily. The Single-Family segment focuses on purchasing, securitizing, and guaranteeing single-family loans, while the Multifamily segment deals with multifamily loans.
Freddie Mac's liquidity management framework ensures it maintains adequate liquidity to meet its financial obligations and support its business activities. The company relies on various sources of funding, including debt issuance and principal payments on securities.
The filing also highlights the company's risk management practices, which include managing credit risk, market risk, and operational risk. Freddie Mac employs various strategies to mitigate these risks, such as credit enhancements and securitization.
Freddie Mac's capital management is governed by policies and standards, with oversight from the Capital Committee and other governance bodies. The company is subject to the Enterprise Regulatory Capital Framework (ERCF) established by FHFA.
The filing provides detailed information on Freddie Mac's financial statements, including consolidated results of operations, balance sheets, and cash flow statements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Federal Home Loan Mortgage Corp annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.