|$151 Billion New Business Purchase Volume At Freddie1st quarter GAAP net income $1.413 billion
April 23, 2002
By MortgageDaily.com staff
In its first quarter earnings announcement, Freddie Mac said its new business purchase volume was a record $151 billion during the period. The results were 86% better than the first quarter 2001, when the real estate finance giant saw $81 billion in purchase volume.
The company said during the first quarter it had record total mortgage portfolio growth of $65 billion and retained portfolio growth of $34 billion. Freddie reported that its total mortgage portfolio grew at a 23% annualized rate from $1.138 trillion at December 31, 2001 to $1.203 trillion at March 31, 2002.
Freddie reported operating earnings of $893 million during the period, compared to $719 million for the first quarter last year and $853 million for fourth quarter. As reported under GAAP, net income was $1.413 billion during the first quarter of this year.
|Freddie said it increased its expectation for operating earnings growth in 2002 to be about 16% to 18%, which it says is consistent with the current operating environment and it’s desire to enhance the structure of its balance sheet for the future.|
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