Tuesday, March 5, 2013

Freddie Mac swings to record net profit of $11B.

After generating losses of $90B from 2008-2011, Freddie Mac (FMCC.OB) swung to its first profit since 2006 last year, earning a record $11B vs a loss of $5.3B in 2011. Freddie's Q4 profit climbed more than seven-fold to $4.5B. The mortgage giant has benefited from the improving economy as home prices have stabilized and mortgage delinquencies declined. Freddie will pay a $5.8B dividend to the Treasury in March.