Freddie’s purchase volume accounted for 80% of its total single-family new business activity ($121 billion). Meanwhile, its multifamily segment registered a net income of $470 million, down $421 million from Q3 2021.
On the bright side, both GSEs boosted their net worth during the third quarter, with Fannie Mae posting a $2.4 billion sequential jump to $58.8 billion and Freddie Mac’s net worth increasing to $35.2 billion, representing a $1.1 billion improvement.
“In a dynamic economic environment, Freddie Mac continued to provide much-needed liquidity, stability and affordability to the housing finance system,” said Freddie Mac CEO Michael DeVito. “We earned quarterly net income of $1.3 billion and added to the capital that supports our mission. With our focus on risk management, we are actively managing the company to support home buyers, renters, and the housing market throughout the economic cycle.”
“Our third quarter results reflect the changing conditions in today’s housing market, and in this environment, we continue to focus on being a stable pillar for the market, managing risk, and supporting renters and homeowners,” Benson said.