Freddie Mac is celebrating its 50-year anniversary this week, highlighting the $10 trillion in funding the company has provided to the U.S. housing market since its inception.
After experiencing an alleged phone mishap, Missouri's Raevon Terrell Parker attempted to get even with the world's largest tech company by suing them for a cool $1 trillion — their approximate. However, Apple fell below the $2 trillion mark as the day moved on, and shares closed at $462.83, giving it a market cap of about $1.98 trillion. Apple first reached a $1 trillion market cap on. Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 29.5 percent in November compared to a 25.7 percent gain in October. The portfolio balance at the. Apple is now worth $2 trillion. That's more than double what it was worth just over two years ago when it became the first publicly traded U.S. Company to surpass the $1 trillion mark. Apple has officially become the first U.S. Company worth a staggering $2 trillion.The iPhone maker hit the mark after its stock price touched $467.77 on Wednesday, pushing its market cap higher.
Freddie Mac released an interactive map that breaks down its funding by state for both single-family homes and multifamily rental units it has financed since 1970. Of that $10 trillion dollars, the vast majority — $9.8 trillion — was utilized for single-family loan funding over the past 50 years, according to the data.
The map also showcases the 20 million affordable homes Freddie Mac has financed since 1990, and the 5.4 million affordable rental units the company has financed since 2010.
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“As our company celebrates 50 years, we stand on the threshold of a new stage in our evolution as an organization, leading an industry poised for fundamental transformation and playing a critical, stabilizing role during a time of extreme volatility for our country,” said David Brickman, CEO of Freddie Mac.
Though Freddie Mac is commemorating its birth in the midst of a challenging era for America, the company said in a release Monday that the current situation only highlights its mission to support the stability of the housing market.
“Some have lamented that our company is reaching this milestone during a global pandemic. However, I believe it’s an important reminder of our critical mission and the vital countercyclical role we were created to play,” Brickman said. “Fifty years ago, our founding documents called for us to provide liquidity, stability and affordability to the U.S. housing market in any economic climate. Carrying out that mission from coast to coast and during good times and bad, is exactly what we are doing—and have always done.”
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Under the direction of the Federal Housing Finance Agency, both Freddie Mac and Fannie Mae have extended their foreclosure moratorium and forbearance agreements as part of helping consumers during the pandemic.
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In addition, Freddie Mac is the sponsor of HousingWire’s Forbearance FAQ landing page, which includes the latest news on forbearance and provides information for homeowners to better understand their forbearance options.