Monday, October 5th1.1°C

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 TSX13466.13+126.39
S&P CDNX528.02+2.46
S&P 5001977.46+26.10
CDN Dollar0.7635+0.0033
Natural Gas2.469+0.018

Okanagan Companies
Pacific Safety0.22+0.00
QHR Technologies Inc1.19+0.01
Metalex Ventures0.06+0.00
Russel Metals22.04+0.56
Copper Mountain Mining0.455+0.035
Colorado Resources0.08+0.01
ReliaBrand Inc0.004-0.000
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.095+0.005
Decisive Dividend Corp3.67+0.18
Diamcor Mining0.90+0.02


2247225619 South Crest Drive
5 bedrooms 3 baths
more details
Click here to feature your property
Please wait... loading

Perfect (reno’d) home

Photo: Thinkstock.comHow many times have you found a home in the perfect location, but it needs too much work as per the home inspection? There is a great program available through most lenders that w...

Living beyond 100

Photo: ContributedThere was a time most careers involved an apprenticeship of one sort another. Some official, others involving years of servitude, and others time simply spent watching and emulating ...

5 Claim misconceptions

Photo: Thinkstock.comIf you have been hurt in an accident or as a result of medical negligence you will likely look to your friends and family for some advice on how to deal with the situation. These ...




Member of BC Press Council