Freddie Mac Files 2024 Annual Report

Ticker: FMCKK · Form: 10-K · Filed: Feb 13, 2025 · CIK: 1026214

Federal Home Loan Mortgage Corp 10-K Filing Summary
FieldDetail
CompanyFederal Home Loan Mortgage Corp (FMCKK)
Form Type10-K
Filed DateFeb 13, 2025
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$1.00, $11.9 b, $23.9 b, $59.6 billion, $47.7 billion
Sentimentneutral

Sentiment: neutral

Topics: annual-report, regulatory-filing, preferred-stock

Related Tickers: FMCC, FMCCI, FMCKK, FMCCG, FMCCG

TL;DR

FMCC filed its 2024 10-K. All preferred stocks listed on OTCQB.

AI Summary

Federal Home Loan Mortgage Corporation (FMCC) filed its annual report for the fiscal year ended December 31, 2024. The filing details its corporate structure, principal executive offices in McLean, Virginia, and lists various classes of preferred stock registered under the OTCQB exchange, including Variable Rate, Non-Cumulative Preferred Stock and 5% Non-Cumulative Preferred Stock. The report does not list any securities registered under Section 12(b) of the Act.

Why It Matters

This filing provides a comprehensive overview of Freddie Mac's financial and operational status for the past year, crucial for investors and stakeholders assessing the company's performance and stability.

Risk Assessment

Risk Level: low — This is a standard annual report filing that provides information rather than announcing new risks.

Key Players & Entities

  • Federal Home Loan Mortgage Corporation (company) — Registrant
  • FMCC (company) — Trading Symbol
  • McLean, Virginia (location) — Principal executive offices
  • December 31, 2024 (date) — Fiscal year end

FAQ

What is the primary purpose of this Form 10-K filing for Federal Home Loan Mortgage Corporation?

The primary purpose is to provide an annual report for the fiscal year ended December 31, 2024, detailing the company's financial and operational status.

Which stock exchange are Federal Home Loan Mortgage Corporation's securities registered on, according to this filing?

According to this filing, the company's Voting Common Stock and various classes of Preferred Stock are registered on the OTCQB exchange.

Does Federal Home Loan Mortgage Corporation have any securities registered under Section 12(b) of the Securities Exchange Act of 1934?

No, the filing explicitly states 'None' for securities registered pursuant to Section 12(b) of the Act.

Where are the principal executive offices of Federal Home Loan Mortgage Corporation located?

The principal executive offices are located at 8200 Jones Branch Drive, McLean, Virginia, 22102-3110.

What is the Commission File Number for Federal Home Loan Mortgage Corporation?

The Commission File Number for Federal Home Loan Mortgage Corporation is 001-34139.

Filing Stats: 4,472 words · 18 min read · ~15 pages · Grade level 15.3 · Accepted 2025-02-13 07:59:26

Key Financial Figures

  • $1.00 — n-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCI ) 5% Non-Cumul
  • $11.9 b — ers: n 2024 vs. 2023 l Net income was $11.9 billion, an increase of 13% year-over-yea
  • $23.9 b — le-Family in 2023. l Net revenues were $23.9 billion, up 13% year-over-year, driven by
  • $59.6 billion — r non-interest income. l Net worth was $59.6 billion as of December 31, 2024, up from $47.7
  • $47.7 billion — illion as of December 31, 2024, up from $47.7 billion as of December 31, 2023. FREDDIE MAC
  • $10.5 b — Mac n 2023 vs. 2022 l Net income was $10.5 billion, an increase of 13% year-over-yea
  • $21.2 b — -interest expense. l Net revenues were $21.2 billion, down slightly year-over-year, as
  • $37.0 billion — illion as of December 31, 2023, up from $37.0 billion as of December 31, 2022. Market Liqui
  • $411 billion — well as for rental housing. We provided $411 billion in liquidity to the mortgage market in
  • $3.6 — ortfolio increased 3% year-over-year to $3.6 trillion at December 31, 2024, continui
  • $3.1 — ur Single-Family mortgage portfolio was $3.1 trillion at December 31, 2024, up 2% ye
  • $467 billion — Our Multifamily mortgage portfolio was $467 billion at December 31, 2024, up 6% year-over-y
  • $3.5 — ortfolio increased 2% year-over-year to $3.5 trillion at December 31, 2023, as portf
  • $3.0 — ur Single-Family mortgage portfolio was $3.0 trillion at December 31, 2023, up 2% ye
  • $441 billion — Our Multifamily mortgage portfolio was $441 billion at December 31, 2023, up 3% year-over-y

Filing Documents

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 12

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 12 n Housing and Mortgage Market Conditions 12 n Consolidated Results of Operations 14 n Consolidated Balance Sheets Analysis 20 n Our Portfolios 21 n Our Business Segments 23 n Risk Management 47 l Credit Risk 48 l Market Risk 75 l Operational Risk 80 l Compliance Risk 83 n Liquidity and Capital Resources 84 n Conservatorship and Related Matters 95 n Regulation and Supervision 98 n Critical Accounting Estimates 106 RISK FACTORS 107 LEGAL PROCEEDINGS 127 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES 128

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 129

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 129 n Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) 130 n Consolidated Financial Statements 132

CONTROLS AND PROCEDURES 214

CONTROLS AND PROCEDURES 214 OTHER INFORMATION 216 DIRECTORS, CORPORATE GOVERNANCE, AND EXECUTIVE OFFICERS 217 n Directors 217 n Corporate Governance 224 n Executive Officers 234

EXECUTIVE COMPENSATION 237

EXECUTIVE COMPENSATION 237 n Compensation Discussion and Analysis 237 n Compensation and Risk 252 n CEO Pay Ratio 253 n 2024 Compensation Information for NEOs 254

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 262

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 262 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS 265 PRINCIPAL ACCOUNTING FEES AND SERVICES 267 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 269 GLOSSARY 270 EXHIBIT INDEX 278 SIGNATURES 284 FORM 10-K INDEX 286 FREDDIE MAC | 2024 Form 10-K i Table of Contents MD&A Table Index MD&A TABLE INDEX Table Description Page 1 Summary of Consolidated Statements of Income and Comprehensive Income 14 2 Components of Net Interest Income 14 3 Analysis of Net Interest Yield 16 4 Net Interest Income Rate / Volume Analysis 17 5 Components of Non-Interest Income 18 6 (Provision) Benefit for Credit Losses 18 7 Components of Non-Interest Expense 19 8 Summarized Consolidated Balance Sheets 20 9 Mortgage Portfolio 21 10 Mortgage-Related Investments Portfolio 22 11 Other Investments Portfolio 22 12 Single-Family Segment Financial Results 37 13 Multifamily Segment Financial Results 46 14 Allowance for Credit Losses Activity 50 15 Allowance for Credit Losses Ratios 50 16 Principal Amounts Due for Held-for-Investment Loans 51 17 Single-Family New Business Activity 54 18 Single-Family Mortgage Portfolio Newly Acquired Credit Enhancements 55 19 Single-Family Mortgage Portfolio Credit Enhancement Coverage Outstanding 56 20 Serious Delinquency Rates for Credit-Enhanced and Non-Credit-Enhanced Loans in Our Single-Family Mortgage Portfolio 56 21 Credit Enhancement Coverage by Year of Origination 57 22 Single-Family Mortgage Portfolio Without Credit Enhancement 57 23 Credit Quality Characteristics and Serious Delinquency Rates of Our Single-Family Mortgage Portfolio 59 24 Characteristics of the Loans in Our Single-Family Mortgage Portfolio 60 25 Single-Family Mortgage Portfolio Attribute Combinations 61 26 Seriously Delinquent Single-Family Loans 62 27 Single-Family Relief Refinance Loans 63 28 Single-Family Completed Loan Worko

Properties

Properties Our principal offices consist of four office buildings we own in McLean, Virginia, comprising approximately 1.3 million square feet. We operate our business in the United States and its territories, and accordingly, we generate no revenue from and have no long-lived assets, other than financial instruments, in geographic locations other than the United States and its territories. Government Regulation and Supervision Our business is subject to extensive laws, regulations, and supervision. The laws and regulations to which we are subject cover all key aspects of our business, and directly and indirectly impact the key drivers of our results including, for example, our product offerings, guarantee fees, pricing, competitive position and strategic priorities, relationship with sellers and servicers, capital structure, cash needs and uses, liquidity, privacy for borrowers and others, risk management, cybersecurity, and costs of compliance. Failure to comply with our legal and regulatory requirements could result in litigation, investigations, enforcement actions, fines, monetary and other penalties, and harm to our reputation. Our business and results of operations may also be directly and adversely affected by future legislative, regulatory, or judicial actions. Such ac

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