Within the next few days Freddie Mac will release its third quarter results. Could it possibly turn a net profit even after it pays its loan sharkish dividend to the U.S. Treasury? We will know shortly, but consider this: its delinquencies continue to fall; seller/servicers are paying off on buyback settlements; mortgage insurers are paying claims; and all the loans it has bought the past two years are considered “golden” in terms of credit quality. And don’t forget: Freddie was never wedded to Countrywide – that was Fannie Mae’s husband and client. (Countrywide was the legacy of Jim Johnson, Franklin Raines, and Dan Mudd.) Now, if only the U.S. Treasury would loosen the 10% dividend noose, this patient might live. Nah…
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