U.S. mortgage giant Freddie Mac posted its seventh consecutive quarterly profit Wednesday, reflecting an improved housing market. The government-sponsored enterprise earned 5 billion dollars in the second quarter of 2013, the second largest in the company\'s history and up 400 million dollars from the previous quarter. The run of gains represents a major turnaround after it was put under conservatorship after the 2008 financial crisis. The company also said comprehensive income was 4.4 billion dollars in the second quarter, compared to 7 billion dollars in the first. Freddie Mac and its sibling company, Fannie Mae, benefited a lot from a U.S. housing recovery that began in early 2012, and that year both posted their first annual profits since 2006, driven by rising home prices, falling mortgage delinquencies and record-low mortgage rates. The two mortgage giants asked for 190 billion dollars in aid from the U.S. government after suffering heavy losses from the collapse of the subprime mortgage market. They own or guarantee about half of all mortgages in the United States, or nearly 31 million home loans. Along with other federal agencies, they backed nearly 90 percent of new mortgages over the past few years. As the housing market continued to strengthen, U.S. President Barack Obama outlined plans Tuesday to wind down Fannie Mae and Freddie Mac, allowing private capital to be the backbone of the housing market.
GMT 12:56 2018 Friday ,05 January
London house prices in first annual fall since 2009GMT 10:30 2018 Thursday ,04 January
SPNB Wants To Build 15,000 Affordable Homes NationwideGMT 11:42 2017 Tuesday ,19 December
German real estate giant to swallow rival in $6bn dealGMT 05:38 2017 Friday ,08 December
World's biggest sovereign fund enters Asian property marketGMT 15:45 2017 Thursday ,07 December
US private sector hiring slows in NovemberGMT 11:36 2017 Wednesday ,06 December
Sahalah FM Brings 360 Building Services to The KingdomGMT 13:18 2017 Tuesday ,28 November
US new home sales rise to 10-year highGMT 08:05 2017 Monday ,13 November
Southern housing plans discussedMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©