Freddie Mac Q3 net income $2.7B, up 104% YoY; new business activity down 30%

FEDERAL HOME LOAN MORTGAGE CORP

2023-Q3 EPS reported -$0.01

Net income $2.7B (+104% YoY); net revenues $5.7B (+10%) driven by credit reserve release and higher net interest income.
Single-Family net income $2.3B (+176%); Multifamily net income $0.4B (-23% YoY).
Benefit for credit losses $0.3B vs provision $1.8B in 2022; non-interest expense $2.6B (+41%) includes $0.3B legal accrual.
New business activity $85B (-30% YoY) due to higher mortgage rates; serious delinquency rate 0.55% vs 0.67%.
Financed 389,000 households (271k home loans, 118k rental units); net worth $44.7B.

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 0.98

FEDERAL HOME LOAN MORTGAGE CORP reported for the quarter ended September 30, 2023 results: revenue $5.7 billion, net income $2.7 billion.

Period: for the quarter ended September 30, 2023
Revenue: $5.7 billion
Net income: $2.7 billion
Result: reported results

Exact text from the filing

primarily driven by a credit reserve release in Single-Family in the current period compared to a credit reserve build in Single-Family in the prior period. • Net revenues of $5.7 billion, an increase of 10% year-over-year, driven by higher net interest income and non-interest income. • Benefit for credit losses of $0.3 billion, primarily driven by increases in

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Source: SEC EDGAR

accession 0001026214-23-000105

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