Freddie Had Positive Cash Earnings Even in 2008, 2009 and 2010. Made over 18 billion in Cash Earnings in 2013. Security Settlements began after 2010 and Net Interest income was nearly $20 bn alone for several years. Sorry for formatting - source is 10Ks and compiled in proprietary spreadsheet. Have been holder of preferreds since Oct 2008
2008 2009 2010
Net Interest Income $6,796 $17,073 $16,856
Management & Guarantee Income $3,370 $3,033 $217
Securities Settlements $- $- $-
All Other $195 $222 $819
Administrative Expenses $(1,505) $(1,651) $(1,561)
REO Operations Income (Expense) $(1,097) $(307) $(673)
Other Expenses $(3,151) $(5,237) $(662)
Charge-offs - net $(2,293 $(7,314)$(12,959)
Transfers, net $(1,343) $(3,977) $1,996
Operating Expenses and Charge-offs $(9,389)$(18,486)$(13,859)
Realized Profit / (Loss) $972 $1,842 $4,033