Freddie Mac posted a $2.1 billion loss in the second quarter after booking large credit and derivatives charges.
The GSE ended the quarter with a net worth deficit of $1.5 billon – but only after paying the U.S. Treasury a quarterly dividend of $1.6 billion.
To date, the GSE has received roughly $66.2 billion of assistance from taxpayers, far less than Fannie Mae which has received $103 billion. (The GSE has requested $1.5 billion of assistance from Treasury for 2Q.)
Although Freddie’s 2Q results are lacking, there was some good news. Its single-family serious delinquency rate fell to 3.5% at June 30, compared to almost 4% a year ago. Its net interest income rose 12% during the same time to $4.5 billion.
Negatives include its holdings of nonperforming assets which increased to $123 billion from $120 billion a year ago and its multifamily delinquency rate which ended June at 0.31%. A year ago it was 0.22%.
As for the income statement, derivative losses totaled $3.8 billion with credit losses coming in at $2.5 billion.
