Freddie Mac Q1 net income $2.0B down 47% YoY; credit reserve build vs prior year benefit

FEDERAL HOME LOAN MORTGAGE CORP

2023-Q1 EPS reported -$0.02

Net income $2.0B, down 47% YoY from $3.8B; provision for credit losses $0.4B vs benefit of $0.8B in prior year.
Net revenues $4.8B, down 17% YoY; net interest income up 10% to $4.5B, non-interest income fell 81% to $0.3B.
Single-Family net income $1.7B (-51%); new business activity $59B, down 72% YoY as higher rates cut purchase and refinance.
Multifamily net income $0.3B (-18%); financed 60,000 rental units, 89% affordable to low/moderate-income families.
Mortgage portfolio $3.4T, up 4% YoY; serious delinquency rate 0.62%, down from 0.92% prior year.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FEDERAL HOME LOAN MORTGAGE CORP reported financial results for the quarter ended March 31, 2023.

Period: the quarter ended March 31, 2023
Result: reported results

Exact text from the filing

On May 3, 2023, Freddie Mac (formally known as the Federal Home Loan Mortgage Corporation) announced its results of operations for the quarter ended March 31, 2023. A copy of the related press release for the quarter ended March 31, 2023 is being filed as Exhibit 99.1 to this report and is incorporated herein by reference.

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FEDERAL HOME LOAN MORTGAGE CORP filing history →

Source: SEC EDGAR

accession 0001026214-23-000045

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