Magazine article Mortgage Banking

Freddie Mac Posts Net Income of $2.1 Billion

Magazine article Mortgage Banking

Freddie Mac Posts Net Income of $2.1 Billion

Article excerpt

In the third quarter of 2014, McLean, Virginia-based Freddie Mac posted its 12th consecutive quarter of positive earnings. The company reported $2.1 billion in net income compared with $1.4 billion in the second quarter of this year.

Freddie Mac will make a $2.8 billion dividend payment in December to the Treasury Department based on having net worth of $5.2 billion as of Sept. 30, 2014. With the latest dividend payment, Freddie Mac will have paid $91 billion in cash dividends to the Treasury compared with the total draws the company has made of $72.3 billion.

The company reported higher net interest income in the third quarter than in the second quarter. In the most recent quarter, the net interest income totaled $3.7 billion compared with $3.5 billion in the second quarter.

The company also said it had higher income from legal settlements on private-label securities, which totaled $1.2 billion in the third quarter. That was up from $0.4 billion in the second quarter.

Freddie Mac reported that its post-2008 book of business continued to grow and as of Sept. …

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