WASHINGTON - mortgage finance giant Freddie Mac (WMAC.)(OB) said Wednesday it lost just below$ 1 billion in the last quarter, although he did not ask taxpayers for more aid that the loss arose out of payments of interest to the Government.
The second provider of funds for residential mortgages U.S. reported net loss attributable to common shareholders of 929 million in the first quarter, including a payment of 1.6 billion dollars to the Government. Without the payment of interest, Freddie Mac has won approximately 676 million in the first three months of the year.
It is the first period of three months since the second quarter of 2009 that the firm reported a positive net income, excluding the payment of interest, and stems of higher quality loans made in recent years.
The loss of the first quarter, including the payment of interest, represents approximately $0.29 per share.
Its sister company Fannie Mae (FNMA) and Freddie Mac(OB) took more than 150 billion dollars in taxpayer aid since they were seized by the Government at the end of 2008.
Repayments of interest to the Treasury by the two companies have reduced their net taxpayer assistance to slightly more than 134 billion.
Freddie Mac said that these interest payments would be more and more to drive any need for future taxpayer assistance.
A asked if the Government should rethink its requirement that he should have to pay interest of 10 per cent on its public aid, Freddie Mac financial director Ross Kari told Reuters that it is the cost of doing business.
"What we think little matter," said Kari. Companies are effectively controlled by the Federal Agency of real estate financing.
U.S. then Secretary of the Treasury Henry Paulson took control of Fannie Mae and of Freddie Mac to the financial crisis in September 2008 as losses mounted loans mortgages gone bad.
The plan to put in even was supposed to be temporary, even if it is likely to be years before a long term replacement structure takes shape.
Both companies and Federal Housing Authority back almost nine out of ten new mortgages now as mortgage financing depleted in the wake of the financial crisis.
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