Freddie Mac celebrates 50 years and trillion funding the American Dream
Freddie Mac is celebrating its 50-year anniversary this week, highlighting the $10 trillion in funding the company has provided to the U.S. housing market since its inception.
Freddie Mac released an interactive map that breaks down its funding by state for both single-family homes and multifamily rental units it has financed since 1970. Of that $10 trillion dollars, the vast majority — $9.8 trillion — was utilized for single-family loan funding over the past 50 years, according to the data.
The map also showcases the 20 million affordable homes Freddie Mac has financed since 1990, and the 5.4 million affordable rental units the company has financed since 2010.
“As our company celebrates 50 years, we stand on the threshold of a new stage in our evolution as an organization, leading an industry poised for fundamental transformation and playing a critical, stabilizing role during a time of extreme volatility for our country,” said David Brickman, CEO of Freddie Mac.
Though Freddie Mac is commemorating its birth in the midst of a challenging era for America, the company said in a release Monday that the current situation only highlights its mission to support the stability of the housing market.
“Some have lamented that our company is reaching this milestone during a global pandemic. However, I believe it’s an important reminder of our critical mission and the vital countercyclical role we were created to play,” Brickman said. “Fifty years ago, our founding documents called for us to provide liquidity, stability and affordability to the U.S. housing market in any economic climate. Carrying out that mission from coast to coast and during good times and bad, is exactly what we are doing—and have always done.”
Under the direction of the Federal Housing Finance Agency, both Freddie Mac and Fannie Mae have extended their foreclosure moratorium and forbearance agreements as part of helping consumers during the pandemic.
In addition, Freddie Mac is the sponsor of HousingWire’s Forbearance FAQ landing page, which includes the latest news on forbearance and provides information for homeowners to better understand their forbearance options.
The post Freddie Mac celebrates 50 years and $10 trillion funding the American Dream appeared first on HousingWire.