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Performance Strengthens at Freddie

Healthy 2nd-quarter profit reported

Aug. 7, 2012

By staff

Rising earnings helped the Federal Home Loan Mortgage Corp. avoid additional government support. Residential delinquency at the secondary lender, which improved by 6 basis points during the latest quarter, is significantly lower on post-crisis originations.

According to previously released operating data, Freddie Mac had $100.7 billion in second quarter purchases and issuances, down from $114.0 billion in the first quarter but better than $73.4 billion in second-quarter 2011.

Residential refinance volume fell to $72 billion in the second quarter from $91 billion three months earlier. Since 2009, Freddie has financed 5,218,000 refinances. Refinances completed under the Home Affordable Refinance Program during the period totaled 680,000 including 200,000 so far this year.

The share of business that was for home purchases rose to 19 percent from the first quarter's 13 percent. Freddie said that it has funded 1,307,000 home-purchase mortgages since 2009.

Home-loan delinquency of at least 90 days was previously reported at 3.45 percent as of June 30, improving from 3.51 percent three months prior. Delinquency was 3.50 percent as of June 30, 2011.

On just residential loans originated between 2005 and 2008, the 90-day delinquency rate jumped to 9.21 percent as of the latest quarter. But for loans originated since 2009, delinquency was just 0.40 percent.

The housing finance agency says that it has prevented 8,229,000 foreclosures since 2009. Included in the number were 373,000 loan modifications, 117,000 repayments plans, 78,000 forbearance agreements and 129,000 short sales and deeds in lieu of foreclosure.

The McLean, Va.-based company's total multifamily portfolio inched up to $178 billion as of the end of June from $177 billion at the end of last year.

Freddie issued $2.3 billion in repurchase requests in the latest period. After collecting $1.2 billion in requests during the second quarter and canceling another $1.4 billion, the unpaid balance of outstanding requests finished the June at $2.9 billion. Around 40 percent of outstanding repurchase demands are older than four months.

Net income prior to taxes was $2.9 billion, jumping from $0.6 billion in the prior period and swinging from a $2.4 billion loss in the same period last year.

Improved earnings helped the government-controlled enterprise avoid requesting another draw from the Department of the Treasury -- leaving its cumulative draws at $72.3 billion. Freddie has made $20.1 billion in dividend payments to the Treasury Department since being thrown into conservatorship in 2008.

As of Aug. 7, Freddie reports total employees of 4,900.

Freddie Mac profile

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