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Freddie Mac reported net income of $993 million for the second quarter, a considerable turnaround from its net loss of $354 million in the first quarter, as well as a comprehensive income total of $1.1 billion for the second quarter that was miles removed from the comprehensive loss of $200 million for the first quarter of 2016.
For its single-family business, Freddie Mac recorded $91 billion in second volume purchase business, up $22 billion from the first quarter. The second quarter’s vigorous results were primarily credited to lower mortgage interest rates. The multifamily purchase volume in the second quarter was $9 billion, bringing half-year volume to a record $27 billion.
“We had both solid business and financial results this quarter, reflecting further improvement in our competitiveness and capabilities, highlighted by strong new guarantee business volumes,” said Donald H. Layton, CEO of Freddie Mac. “We also further reduced taxpayer risk through both the efficient disposition of legacy assets and our credit risk transfer transactions, which achieved a major milestone in having now cumulatively transferred a significant portion of credit risk on over $650 billion of single-family and multifamily loans.”