Freddie Mac posts second biggest profit in its history in first quarter

Published May 08, 2013

| Reuters

Freddie Mac , the No. 2 provider of U.S. mortgage money, said on Wednesday it posted its second largest quarterly profit in company history in the first quarter due to rising home prices, falling mortgage delinquencies and increased refinance activity.

For the first three months of the year, Freddie Mac reported net income of $4.6 billion, up from $577 million in the year-ago quarter.

The company paid $5.8 billion to the U.S. Treasury Department in the first quarter under the terms of its government bail-out, and it said it would face another $7 billion payment in June.

(Reporting By Margaret Chadbourn; Editing by Chizu Nomiyama)

URL

http://www.foxbusiness.com/news/2013/05/08/freddie-mac-posts-second-biggest-profit-in-its-history-in-first-quarter/