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Freddie Mac posts $2.9B net income for Q3
By: The Associated Press//November 6, 2012
WASHINGTON — Mortgage giant Freddie Mac posted net income of $2.9 billion for the July-September quarter, its second straight profitable quarter.
The government-controlled company attributed the gain to rising home prices and fewer mortgage delinquencies.
Freddie paid a dividend of $1.8 billion to the U.S. Treasury and requested no additional federal aid.
The increase compared with a loss of $6 billion for the same quarter of 2011. It also marked the sixth quarter in which Freddie sought no additional aid since being taken over by the government in September 2008.
The gain “was driven by favorable market conditions, including the continued improvement in the housing market,” Freddie CEO Donald Layton said in a statement.
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