Freddie's June Purchases Up 14.6%

Total portfolio stands at $1.24 trillion
By MortgageDaily.com staff
7/26/2002

Government sponsored housing enterprise Freddie Mac reported June volume and second quarter earnings. Freddie's total mortgage portfolio increased from May, and operating earnings were up from 2001.

During June, new business purchases of $37.5 billion were up 14.6% from May but well below December's $61.3 billion. Factoring in portfolio liquidations, Freddie's total portfolio grew by $11.6 billion to end the quarter at $1.24 trillion.

Total business purchases, which include purchases of mortgages and non-FRE mortgage securities, were $266.2 billion from January to June this year.

The real estate finance giant said the retained portion of its portfolio had 3.1 billion in net additions, bringing the ending balance to $518.8 billion. Freddie's retained portfolio had been as high as $526.1 billion at the end of March.

Freddie's total mortgage participation certificates ended June at $1.1 trillion.

Operating earnings for second quarter 2002 were $968 million, up 26% from the same period last year, according to Freddie.

"Freddie Mac continued to deliver strong financial results in the second quarter, and we remain on track for record results in 2002," said Leland C. Brendsel, Chairman and Chief Executive Officer.

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