Freddie Mac ( (FMCC) ) has realeased its Q3 earnings. Here is a breakdown of the information Freddie Mac presented to its investors.
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Freddie Mac, a government-sponsored enterprise, plays a crucial role in the U.S. housing market by providing liquidity, stability, and affordability through buying and guaranteeing mortgages. In the third quarter of 2024, Freddie Mac reported a net income of $3.1 billion, highlighting its continued strong performance. The company financed 415,000 homes and rental units, emphasizing its commitment to affordable housing. Key financial metrics include a 3% increase in net revenues to $5.8 billion and a rise in net income by $420 million year-over-year, driven by reduced non-interest expenses. However, there was a slight increase in the serious delinquency rate to 0.54%. Looking ahead, Freddie Mac remains focused on supporting the housing market, with initiatives like rent payment grace periods and disaster relief for homeowners, reflecting its strategic priorities under the leadership of its new CEO, Diana W. Reid.
