Freddie Mac Posts $2.9B Net Income

By: AP Email
By: AP Email

Mortgage giant Freddie Mac posted net income of $2.9 billion for the July-September quarter and requested no additional federal aid.

It was Freddie's second straight profitable quarter and compared with a loss of $6 billion for the same quarter of 2011.

The government-controlled company attributed the gain to an increase in home prices and a decline in mortgage delinquencies. Both are signs of a modest housing recovery.

The government rescued Freddie and larger sibling Fannie Mae during the 2008 financial crisis after they incurred massive losses on risky mortgages. Taxpayers have spent about $170 billion to rescue them, the costliest bailout of the 2008 financial crisis.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WOWT NBC Omaha 3501 Farnam Street Omaha, NE 68131 (402) 346-6666 sixonline@wowt.com
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 177486301 - wowt.com/a?a=177486301
Gray Television, Inc.