Since its inception in 1970, the GSE has helped provide housing to nearly 80 million owners and renters
Freddie Mac is marking its 50th anniversary this week. Since its inception, the GSE has provided more than $10 trillion in funding to the US housing market.
“Milestones provide an important opportunity to pause, take stock of the past and look ahead to the challenges and opportunities the future holds,” said David Brickman, CEO of Freddie Mac. “Over the last 50 years, in good times and in bad, we have played a vital role in providing housing to nearly 80 million owners and renters. From industry-leading innovations and market stability to affordable housing for families across the country, everyone at Freddie Mac is focused on leading the industry forward.”
Across its single-family business, Freddie Mac has made financing possible for nearly 67 million single-family homes, for $9.8 trillion in single-family loan funding since 1970. Twenty million affordable homes have been financed since 1990. The GSE has served 56 million first-time home buyers since 1990, and has prevented 1.9 million foreclosures since 2001.
Freddie has also financed 10.7 million multifamily rental units for a total of $618.6 billion in total multifamily loan finding since 1993. It has financed 5.4 million affordable rental units since 2010.
“By helping nearly 67 million families realize the dream of homeownership and putting rental housing within reach for 10.7 million more, Freddie Mac makes home possible,” the GSE said in a news release.
Freddie Mac was created by Congress in 1970 to help provide mortgage capital to lenders.