Freddie Mac requested another $146 million from the Treasury Department for the three months ended Dec. 31.
The GSE reported $619 million in net income for the fourth quarter, plus an additional $887 million in other income. The total comprehensive earnings of $1.5 billion in the fourth quarter could not offset the $1.7 billion owed to the Treasury in dividend payments. To eliminate the deficit, the company asked for the additional draw.
“Freddie Mac remained a pillar of support for the nation’s housing finance system and a steadfadst partner with American homeowners and renters in 2011,” said CEO Charles Haldeman. “We continue to be a vital source of mortgage funding — last year alone we provided over $360 billion of liquidity to the market.”
For the year-ago fourth quarter, Freddie Mac reported a loss of $1.7 billion, or 53 cents a share, following a $1.6 billion dividend payment to the Treasury. For the three months ended Sept. 30, the government-sponsored enterprise reported a loss of $6.04 billion, or $1.86 a share, including a dividend payment of about $1.62 billion.
For the 12 months ended Dec. 31, Freddie Mac reported a loss of $19.77 billion, or $6.09 a share, including $5.75 billion in dividend payments to the Treasury.
Both Freddie Mac and Fannie Mae have drawn about $183 billion in bailouts from the Treasury Department since entering conservatorship in 2008. As of Sept. 30, the companies still owe $151 billion.
Source: Housing Wire