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Freddie Mac posts solid Q1 profit

The government-sponsored enterprise Freddie Mac posted a solid profit in the first quarter and will likely return a $2.2 billion dividend payment to taxpayers in June.

Freddie reported comprehensive and net income of $2.2 billion in the quarter. Unlike in recent quarters, however, its bottom-line earnings were not affected much by paper gains or losses from swings in interest rates.

Market factors accounted for an after-tax gain of roughly $100 million, as opposed to $2.2 billion in the fourth quarter, Freddie reported.

“It was a very solid quarter and the numbers are starting to speak for themselves,” Chief Executive Officer Donald Layton said on Thursday during a morning call with reporters.

“I want to note that our first quarter results experienced a minimum impact from market moves, which has only happened one other time in the last three years.”

Layton noted that Freddie has switched to a “hedge accounting” system in February, which will cut down the volatility that has been appearing in the earnings reports by roughly 50 percent. This move should make future reports more revealing of the company’s “strong business fundamentals.” 


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