Abstract
AbstractCredit & Lending (MIC: 8.6 SIC: 6111 NAIC:522292)Freddie Mac purchases conventional residential mortgages from mortgage lending institutions and finances most of its purchases with sales of guaranteed mortgage securities called Mortgage Participation Certificates for which Co. ultimately assumes the risk of borrower default. Co. also maintains an investment portfolio that consists principally of federal funds sold, reverse repurchase agreements and tax‐advantaged and other short‐term investments. Co.'s financial performance is driven primarily by the growth of its total servicing portfolio, the mix of sold versus retained portfolios, the spreads earned on the sold and retained portfolios and mortgage default costs.
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