CRT Quarterly Webcast November 2022
Mike Reynolds, vice president of Single-Family CRT in Investments and Capital Markets (I&CM), provides program and housing market updates for Q3 2022. Guest speaker Keith Jones, vice president of Credit Policy Freddie Mac Single-Family CRT, shares insights into portfolio credit risk and credit quality in the current market environment, recent policy changes and how Freddie Mac is achieving our mission through affordable housing.
Q3 2022 CRT Program Recap
- Large issuance quarter for Freddie Mac Single-Family CRT – $4.0 billion Q3 issuance volume.
- 11 new participants in Q3 with 113 unique investors/(re)insurers across STACR/ACIS.
- Third and fourth tender offers of 2022 were executed, along with over $2.5 billion tendered in STACR 2022-TO3.
Housing Market Overview
- Mortgage rate rising at fastest rate in 40 years.
- Rapid decline in affordability has led to a contraction in the purchase market.
- Despite recent increase in homes for sale, inventory remains low.
- Large drop in demand has led to a decline in home prices.
Freddie Mac CRT Quarterly Webcast November 2022
This recording contains forward-looking statements within the meaning of Section 27A of the Securities Act. These statements involve known and unknown risks and uncertainties, some of which are beyond our control. These statements are not historical facts but rather represent Freddie Mac’s expectations based on current information, plans, judgments, assumptions, estimates and projections. Actual results or performance may differ from those described in or implied by such forward-looking statements due to various risks, uncertainties and other factors including the following: general economic and business conditions, competition, changes in political, social and economic conditions, regulatory initiatives and compliance with governmental regulations, customer preference and various other matters. Forward-looking statements are made only as of November 10, 2022. We undertake no obligation to update any forward-looking statements we make to reflect events or circumstances occurring after November 10, 2022.
The financial and other information contained in this recording are only as of the dates stated or shown. The information could be out of date and no longer accurate. Freddie Mac undertakes no obligation, and disclaims any duty, to update any of the information in those documents.