In the third quarter of 2024, Federal Home Loan Mortgage Corporation (Freddie Mac) reported a net income of $3.1 billion, reflecting an increase of $420 million compared to the same period in the previous year. This growth was primarily attributed to a reduction in non-interest expenses.
Net revenues for the quarter reached $5.8 billion, marking a 3% increase year-over-year, driven largely by a rise in net interest income. Specifically, net interest income was reported at $4.999 billion, which is a 5% increase from Q3 2023. However, non-interest income saw a decline of 11% year-over-year, totaling $839 million.
As of September 30, 2024, Freddie Mac's net worth stood at $56.4 billion, a significant increase from $44.7 billion reported a year earlier. The company provided $113 billion in liquidity to the mortgage market during the quarter, facilitating 415,000 home purchases, refinancings, and rental units.
Freddie Mac's mortgage portfolio also experienced growth, increasing by 2% year-over-year to $3.5 trillion. This includes a Single-Family mortgage portfolio of $3.1 trillion and a Multifamily mortgage portfolio of $452 billion. The credit enhancement coverage for the Single-Family mortgage portfolio was reported at 62%, while the Multifamily mortgage portfolio had a coverage of 93%.
The provision for credit losses for Q3 2024 was a benefit of $191 million, a decrease from the benefit of $263 million recorded in Q3 2023. Non-interest expenses for the quarter were reported at $2.183 billion, which represents a 15% decrease from the previous year, primarily due to the absence of a significant litigation accrual in the current period.
About FEDERAL HOME LOAN MORTGAGE CORP
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