Freddie Mac racked up a $5 billion profit in the second quarter, the mortgage backer said in its quarterly report Wednesday. The earnings are the second-highest in the history of Freddie Mac, which has now extended its streak of profitable quarters to seven in a row.
The mortgage giant also put its net worth at $7.4 billion as of the end of June. Freddie says it will pay the U.S. Treasury a dividend of $4.4 billion, in keeping with terms of the federal aid it (along with Fannie Mae) got during the mortgage crisis. (The dividend's amount is based on any earnings above the company's reserve mark of $3 billion).
With that payment, the company says it will have paid the Treasury about $41 billion in dividends by September. The federal assistance has also left the U.S. government owning $72.3 billion in the company's preferred stock.
"Clearly our outstanding financial results continue to benefit from the turnaround in the housing ma…