Friday, October 31st8.5°C
23888
23004

US mortgage giant Freddie Mac earns $1.4B in 2Q; will pay gov't $1.9B

WASHINGTON - Mortgage giant Freddie Mac posted net income of $1.4 billion for the April-through-June period, aided by a strengthening housing market. The government-controlled company has turned a profit in each of the past 11 quarters.

Freddie's second-quarter profit reported Thursday declined 72 per cent from $5 billion in the same period of 2013. Freddie said its earnings can fluctuate widely due to changes in the value of its holdings of derivatives, investments used to hedge against swings in interest rates. That can create "mismatches" in quarterly earnings that may not reflect the economics of its business, Freddie said.

McLean, Virginia-based Freddie said it will pay a dividend of $1.9 billion to the U.S. Treasury next month. Freddie will have paid $88.2 billion in dividends, exceeding its government bailout of $71.3 billion.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14575.86+117.17
S&P CDNX760.85-10.80
DJIA17340.69145.27
Nasdaq4626.803+60.665
S&P 5002012.45+17.80
CDN Dollar0.8857-0.0077
Gold1165.70-32.90
Oil79.49-1.41
Lumber325.70+2.10
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.12+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.13-0.02
Cantex0.045-0.015
Anavex Life Sciences0.1711-0.0089
Metalex Ventures0.03-0.005
Russel Metals32.59+0.37
Copper Mountain Mining2.03+0.06
Colorado Resources0.14+0.005
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.375+0.005

 



23630

FEATURED Property
20490347080 Sun Valley Road
3 bedrooms 3 baths
$749,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


22707