August 6, 2016
THE BAILOUTS WERE TOO SUCCESSFUL:
Freddie Mac posts $993M profit in 2Q; paying $933M dividend (MARCY GORDON, August 2, 2016, AP)
Mortgage giant Freddie Mac reported net income of $993 million for the second quarter, down sharply from the same period of 2015.The company said Tuesday its income from fees received from lenders for guaranteeing mortgages increased in the April-through-June period, but it sustained losses on investments because of the decline in interest rates.McLean, Virginia-based Freddie will pay a dividend of $933 million to the U.S. Treasury next month. Freddie will have paid $99.1 billion in dividends, exceeding its government bailout of $71 billion.
Posted by Orrin Judd at August 6, 2016 7:19 AM