Skip to main content

Freddie Mac Posts Q3 Profits

Phil Hall
Nov 01, 2017
Freddie Mac appointed Christian M. Lown executive vice president and chief financial officer

Freddie Mac ended the third quarter with $4.7 billion in net income, a substantial upswing from the $1.7 billion reported in the second quarter. This was attributed to a $2.9 billion after-tax benefit from “mortgage-related securities litigation settlement and continued strong underlying business fundamentals.”
The government-sponsored enterprise (GSE) also reported third quarter comprehensive income of $4.7 billion, more than double the $2 billion level for the second quarter. Freddie Mac’s non-interest income in the third quarter was $5.47 billion, a strong spike from the $777 million recorded one year earlier.
“We clearly had a strong quarter,” said Donald H. Layton, Freddie Mac’s Chief Executive Officer. “Even excluding the large legal settlement, Freddie Mac made a profit of $1.8 billion. This reflects the growing strength of our business model as well as an improving quality of execution. And we’re doing this while increasingly protecting taxpayers through credit risk transfer, transacting greater volumes with more offerings than ever before. We recently reached a milestone of $1 trillion of mortgages with significant credit risk transferred. “This performance is evidence of good progress toward our goal to be one of the best-run financial institutions in the country, while successfully delivering on our public policy mission.”

Nov 01, 2017
Guild Mortgage Acquires Cherry Creek Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Mar 14, 2023
Vigilance, Dedication, And Commitment Forge Legends

Submit a nomination for Mortgage Banker Magazine’s Legends of Lending.

Mar 10, 2023
FTC Moves To Block Black Knight, ICE Merger

Says it 'would drive up costs, reduce innovation, and reduce lenders’ choices.'

Mar 09, 2023
Rocket Arms Brokers With Bully Shield Vs. UWM

Rocket covers penalties and court fees for brokers who want to get out of United Wholesale Mortgage’s ultimatum contract. 

Feb 06, 2023
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Jan 26, 2023