Freddie Mac reported net income of $2.9 billion for the third quarter, down from net income of $3 billion for the second quarter. The company also reported comprehensive income of $5.6 billion for the third quarter, up from comprehensive income of $2.9 billion for the second quarter of 2012.
As a result, the government-sponsored enterprise has announced that it will not require a draw from the U.S. Department of the Treasury.
For the first nine months of 2012, Freddie Mac's net income was $6.5 billion and its comprehensive income was $10.3 billion.
‘Freddie Mac's strong financial performance this quarter was driven by favorable market conditions, including the continued improvement in the housing market, as well as our ongoing efforts to minimize losses on our legacy book,’ says Freddie Mac CEO Donald H. Layton. ‘Our inventory of delinquent loans is at the lowest level in two years and our higher quality new book of business now comprises 60 percent of our portfolio.’