Freddie to Pay $2.2 Bil in Dividends to Treasury

Mortgage News

Mortgage Daily Staff

                                                 May 2, 2017

Although earnings were halved on a quarter-over-quarter basis, the Federal Home Loan Mortgage Corp. is delivering another $2.2 billion to taxpayers.

Pre-tax income at Freddie Mac was $3.3 billion from Jan. 1, 2017, through March 31, sinking from $7.4 billion in the preceding three-month period.

The McLean, Virginia-based firm revealed its income, along with other financial and operational results, in its first-quarter 2017 earnings report.

Earnings swung, however, from an $0.5 billion pre-tax loss during the same quarter
last year
.

The secondary lender said that it provided around $98 billion in liquidity to the mortgage market during the first-three months of this year.

Single-family purchase volume was $86 billion during the three months ended March 31, 2017, while multifamily purchase volume was $12.7 billion.

During the latest period, Freddie said it financed 160,000 single-family purchases, 208,000 single-family refinances and 159,000 multifamily units.

Freddie disclosed that its single-family guarantee portfolio finished the first-quarter 2017 at $1.779 trillion, while the multifamily guarantee portfolio was $0.164 trillion.

Including a planned dividend payment of $2.2 billion to the Treasury Department
in June, Freddie will have paid out $108.2 billion since being thrust into conservatorship in 2008. Dividends exceed the $71.3 billion in draws that Freddie has taken by $36.9 billion.

Mortgage Daily Staff

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