Magazine article Mortgage Banking

Freddie Mac Sets Record in 2007 for Multifamily Business

Magazine article Mortgage Banking

Freddie Mac Sets Record in 2007 for Multifamily Business

Article excerpt

Freddie Mac announced in February that it set a new record for multifamily business transacted in 2007, with a 55 percent increase over the previous year.

The GSE reported that it purchased a record $44.7 billion in new multifamily business in 2007, nearly double 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.

Altogether, Freddie Mac's multifamily transactions financed approximately 644,400 apartment homes affordable to families earning low or moderate incomes, according to Mike May, senior vice president of multifamily sourcing for Freddie Mac.

"Despite a difficult market, 2007 was a good year for Freddie Mac's multifamily business," said May. "The midyear 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."

Among the transactions was $2.8 billion involving a Freddie Mac tax-exempt bond securitization execution with New York-based Centerline Holding Co., and the other involved purchase of two pools of floating-rate mortgages totaling $1. …

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