Rebounding from a net loss of $9.9 billion in the first three months of the year, Freddie Mac posted $768 million in net income for the 2009 second quarter.
Boasting a net worth of $8.2 billion at the close of the reporting period, the mortgage company will not need a cash infusion from the U.S. Treasury.
Meanwhile, Freddie Mac said its smaller provision for credit losses was "driven by a reduced rate of growth in the company's loan loss reserve due to the recent modest national home price improvements, which the company believes to be largely seasonal."
Source: Housing Wire, Jon Prior (08/10/09)
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