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Freddie Mac 3Q net income hits $30.5 billion

Freddie Mac’s net income in the third-quarter hit $30.5 billion, including the $23.9 billion impact of releasing the valuation allowance on deferred tax assets, the government entity announced.   

Furthermore, Freddie reported a pre-tax income of $6.5 billion, compared to $4.9 billion in the second quarter of 2013, making it the eighth consecutive quarter of positive earnings and the second largest in company history.

The increase primarily reflects higher other non-interest income, driven by gains on securities in the company’s mortgage-related investments portfolio, gains on multifamily mortgage loans and settlement proceeds related to private label securities litigation. These favorable impacts were partially offset by a shift from derivative gains in the second quarter to derivative losses in the third quarter. 

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loanDepot’s Frank Martell on building lifelong consumer relationships through technology 

In this week’s episode of the Power House podcast, HousingWire President Diego Sanchez sits down for a tantalizing conversation with Frank Martell, the president and CEO of loanDepot, to discuss the company’s profitability in the third quarter of 2024 and its Project North Star growth plan for 2025.

3d rendering of a row of luxury townhouses along a street

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