Freddie earns $30.5B in 3Q; repaying bailoutNovember 7, 2013 @ 6:46 am
WASHINGTON (AP) - Freddie Mac posted net income of $30.5 billion from July through September, its eighth straight profitable quarter. Freddie will have repaid its full government bailout after paying its third-quarter dividend.
Freddie said Thursday Its third-quarter profit was boosted by an accounting move that allowed the government-controlled mortgage giant to capitalize on tax benefits it had saved up from its losses on mortgages during the crisis.
The gain compares with net income of $2.9 billion in the same period of 2012.
Freddie will pay a dividend of $30.4 billion to the U.S. Treasury next month. With its previous payments totaling $41.4 billion, it will have repaid fully the $71.3 billion it received from taxpayers.
The government rescued Freddie and larger sibling Fannie Mae during the financial crisis in 2008.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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