McLEAN, VA - Freddie Mac announced that it purchased a record $44.7 billion in new multifamily business transactions in 2007, a 55 percent increase over the 2006 volume of $28.8 billion. This volume includes approximately $3.7 billion in targeted affordable housing products, which finance apartments that receive some form of government subsidy. All together, Freddie Mac's multifamily transactions financed approximately 644,400 apartment homes affordable to families earning low or moderate incomes.
"Despite a difficult market, 2007 was a good year for Freddie Mac's multifamily business," said Mike May, senior vice president of Multifamily Sourcing for Freddie Mac. "We provide value in all market environments and are in this market for the long term. The mid-year exit of conduits from the market drove a significant increase in conventional loans to Freddie Mac at a time when we were managing some of the largest and most complex pool transactions in our history."
"One was a $2.8 billion transaction involving the Freddie Mac Tax-Exempt Bond Securitization execution with Centerline Holding Company; the other involved our purchase of two pools of floating rate mortgages totaling $1.8 billion and the assumption of an additional 15 mortgages with Archstone-Smith. In addition, we delivered several new products and enhancements such as the Freddie Mac Acquisition Upgrade Mortgage and Freddie Mac Acquisition Rehabilitation Mortgage, as well as announced our first fully delegated underwriter."
Since the launching of Freddie Mac's current multifamily business in 1993, Freddie Mac has purchased more than $189 billion in multifamily mortgages, financing rental housing for more than four million families.
Source: AllHeadlineNews.com