Freddie Mac Q3 net income $1.3B, down 55% YoY; credit reserve build of $1.8B

FEDERAL HOME LOAN MORTGAGE CORP

2022-Q3 EPS reported $0.11

Net income of $1.3B, down 55% YoY from $2.9B; net revenues $5.2B, down 1%.
Provision for credit losses of $1.8B vs benefit of $0.2B in Q3 2021, driven by deteriorating housing market.
Single-Family net income $0.8B (down 58% YoY); Multifamily net income $0.5B (down 47% YoY).
New business activity $121B, down 60% YoY as refinance volume plunged; serious delinquency rate fell to 0.67% from 1.46%.
Helped 542,000 households (392,000 single-family homes + 150,000 rental units); 56% of eligible loans affordable to low/moderate income.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FEDERAL HOME LOAN MORTGAGE CORP reported the quarter ended September 30, 2022 results: revenue $5.2 billion, net income $1.3 billion.

Period: the quarter ended September 30, 2022
Revenue: $5.2 billion
Net income: $1.3 billion
Result: reported results

Exact text from the filing

McLean, VA — Freddie Mac (OTCQB: FMCC) today reported net income of $1.3 billion for the third quarter of 2022, a decrease of 55% year-over-year, primarily driven by a credit reserve build in Single-Family. Net revenues were $5.2 billion, down 1% year-over-year,

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Source: SEC EDGAR

accession 0001026214-22-000151

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