Quarterly secondary activity in Freddie Mac's multifamily business
managed a small gain even as single-family business was slightly lower. Profits,
meanwhile, were solidly higher.
Single-family purchase and issuances were $130 billion in the second quarter, slipping from the prior period's $132 billion, according to earnings data released Wednesday.
Year-to-date volume totaled $262 billion -- including $65 billion in loans financed through the Home Affordable Refinance Program, $146 billion in other refinances and $51 billion in purchase financing.
The single-family credit guarantee portfolio was $1.646 trillion as of June 30.
On the multifamily side, loan purchases and guarantees rose to $7 billion from the first quarter's $6 billion.
The total multifamily portfolio was $180 billion at the end of the second quarter.
Outstanding repurchase requests to single-family seller-servicers finished June at $3.2 billion, up from $2.9 billion at the end of March.
Freddie has issued $4.9 billion in new repurchase demands to single-family seller-servicers so far this year.
Prior to income tax benefit, Freddie earned $5.0 billion, more than the $4.5 billion earned during the first three months of this year.
The McLean, Va.-based company said its cumulative draws from the Department of the Treasury finished the second quarter at $71.3 billion.
There have been no requests for draws in the past five quarters.
Including an upcoming September dividend, cash dividends paid to the Treasury Department will total $40.9 billion.
(c)2013 Mortgage Daily
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Distributed by MCT Information Services
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