Freddie Mac reports profit, won’t tap Treasury Department funds

Freddie Mac late Friday reported its first profitable quarter in two years and said it won’t need to draw from its Treasury Department line again, at least for now.

The McLean, Va.-based mortgage giant logged a quarterly profit of $768 million compared to a net loss of $9.9 billion in the same quarter a year ago. Including a $1.1 billion dividend payment to the Treasury Department on preferred stock the government owns, it lost 11 cents per share.

More notably, Freddie Mac ended the quarter with a net worth of $8.2 billion.

As a result, no additional funding was required from the Treasury under terms of the government’s investment in Freddie Mac.

Read Full Article from Bizjournals.com

- Posted: 2009-08-10 11:20:58

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