Fannie Mae (FNMA)

[navycmdr]

Freddie Mac, reported net income of $3.8 billion,

up from $2.77 billion in last year's first quarter.

Freddie Mac Posts Higher 1Q Revenue

8:28 am ET April 28, 2022 (Dow Jones) - By Will Feuer

The Federal Home Loan Mortgage Corp. posted greater revenue in the first quarter due to higher net interest income and an increase in net investment gains.

The government-backed housing-finance company, known as Freddie Mac, reported net income of $3.8 billion, up from $2.77 billion in last year's first quarter. Per-share earnings were 4 cents, compared with 12 cents.

The company said net revenue rose 11% to $5.85 billion from $5.27 billion a year earlier, driven by higher net interest income and an increase in net investment gains. Net interest income rose to $4.1 billion from $3.64 billion.

Single-family revenue rose to $5.21 billion from $3.85 billion. Revenue from the multifamily business was $632 million, down from $1.42 billion.

"Single-Family serious delinquencies have declined to their lowest point in two years, and Multifamily delinquencies are at near pre-pandemic levels as well," Chief Executive Michael DeVito said.

Write to Will Feuer at [e-mail]
(END) Dow Jones Newswires
April 28, 2022 08:28 ET (12:28 GMT)

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