Quarterly earnings at the Federal Home Loan Mortgage Corp. exceeded year-earlier levels. A decline, however, was recorded versus the preceding three-month period.
From Jan. 1, 2018, through the end of March, income before income tax expense was $3.7 billion, according to Freddie Mac’s first-quarter earnings report.
Results at the McLean, Virginia-based organization improved from $3.3 billion earned during the same three-month period last year. Income came up short, though, of the $3.8 billion earned in the prior three-month period.
Freddie noted, “No dividend payment required to U.S. Treasury as the company rebuilds its allowed $3 billion capital buffer.” That left the balance of draws already taken at $71.6 billion and the dividends paid so far to $112.4 billion.
Freddie said it provided $80 billion in liquidity to the mortgage market during the first-three months of this year — financing 282,000 single-family homes and 152,000 multifamily units in the process.
The total guarantee portfolio was $2.049 trillion at the end of last month and included a $1.836 trillion single-family portfolio and an $0.213 trillion multifamily portfolio.
Freddie reported in its 2018 10-K filing with the Securities and Exchange Commission that 6,185 people were on its payroll as of Feb. 1, including 6,144 full-time employees and 41 part-time employees.
