Freddie Mac posts second-biggest profit in its history

(Reuters) – Freddie Mac (FMCC.OB), the No. 2 provider of U.S. mortgage money, on Wednesday said it reaped its second-largest profit ever in the first quarter, a reflection of housing market gains that have taken the steam out of efforts to revamp the nation’s home loan system.

The government-controlled company reported net income of $4.6 billion for the first three months of the year, up from $577 million in the year-ago quarter. It cited rising home prices, falling mortgage delinquencies and increased refinance activity for the improved performance.

It was the company’s sixth straight quarterly profit and the largest since a $5.7 billion gain in the third quarter of 2002….more

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