News Summary: Freddie posts $4.6B net income in Q1

AP News
Posted: May 08, 2013 12:40 PM

FREDDIE EARNS: Mortgage giant Freddie Mac earned $4.6 billion from January through March, helped by a stronger housing market. The government-controlled company has turned a profit in the past six quarters.

WILL PAY DIVIDEND: Freddie said it will pay a dividend of $7 billion to the U.S. Treasury next month and requested no additional federal aid for the fourth straight quarter.

BIG BAILOUT: The government rescued Freddie and larger sibling Fannie Mae during the financial crisis after both incurred massive losses on risky mortgages. The companies received loans about $170 billion. So far, they have repaid a combined $62.2 billion.