Freddie Mac Ends 2012 With Profit on Gains in U.S. Housing
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Freddie Mac said rising home prices and falling mortgage delinquencies helped it post a profit for the fourth quarter and all of 2012, allowing it to avoid drawing more funds from U.S. taxpayers.
The U.S.-owned mortgage financier, based in McLean, Virginia, had net income of $4.5 billion for the three months ended Dec. 31 after accounting for a $5.8 billion dividend payment to the Treasury Department for the government stake, the company said today in a statement.