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Inside Washington (08/08/2012)
  • WASHINGTON (8/9/12)--Freddie Mac Tuesday reported net income of $3 billion for the second quarter of 2012, compared with $577 million in the first quarter. The company also reported income of $2.9 billion for the quarter ended June 30, compared with income of $1.8 billion for the quarter ended March 31. The increase in net income in the second quarter reflected a decline in the provision for credit losses due to positive trends in the housing market, the government-sponsored enterprise said. The second-quarter income primarily reflected higher net income, partially offset by higher fair value losses on non-agency available-for-sale (AFS) securities that resulted from spread widening. Freddie Mac does not require a draw from Treasury for the second quarter because the company had positive net worth as of June 30. The company's $1.1 billion net worth as of June 30, reflects second quarter comprehensive income of $2.9 billion, partially offset by the $1.8 billion quarterly dividend payment to Treasury on the company's 10% senior preferred stock …


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