Freddie Mac Posts $2.3B Q3 Profit
Freddie Mac ended the third quarter with $2.3 billion in both net income and comprehensive income, plus $3.6 billion of net interest income. As a result of its profits, the government-sponsored enterprise will be returning $101.4 billion in cumulative dividends to the Treasury.
During the third quarter, Freddie Mac reported $116 billion in single-family purchase volume, up $25 billion from the second quarter, and a serious delinquency rate of 1.02 percent, the lowest level recorded since July 2008. Freddie Mac’s multifamily purchase volume was $12 billion for the third quarter.
“Freddie Mac’s improving business fundamentals and competitiveness were strongly reflected in our results this quarter,” Donald H. Layton, CEO at Freddie Mac. “Volumes were higher, credit quality is at its best in eight years, and legacy assets are continuing to decline. Investments in technology are bearing fruit both for ourselves and our customers. In particular, due largely to our leadership in credit risk transfer, the new business we’re winning from single-family and multifamily customers poses significantly less risk to taxpayers.”
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