Freddie Mac posts $3.8B Q2 net income 

Freddie Mac on Thursday morning reported net income of $3.8 billion in the second quarter, a 61% increase from a year earlier, driven largely by a credit reserve release and higher net interest income. Net income increased from $3.558 billion in the first quarter. Net revenue rose 1% year over year to $5.991 billion. Net interest income increased 13% to $6.01 billion, supported by growth in Freddie Mac’s mortgage portfolios and a larger balance of fully guaranteed multifamily securitizations. The increase was partially offset by a $19 million noninterest loss, compared with $617 million in noninterest income a year earlier. “Freddie Mac delivered strong second quarter financial results, reflecting the strength of the business and disciplined execution against our priorities,” Bill Pulte, director of the Federal Housing Finance Agency (FHFA) and chairman of Freddie Mac’s board, said in a statement. “Net income was $3.8 billion, driven by strong revenues, a credit benefit and continued cost discipline.” Speaking during the company’s earnings call on Thursday morning, Jim Whitlinger, the company’s executive vice president and chief financial officer, shared that the GSE’s total mortga...