Source Pravda.Ru

Freddie Mac Books Net Income of $768 million in 2Q

Shares of Freddie Mac soared on Monday, nearly doubling in price on the first trading day after the second-largest provider of U.S. home mortgage funding posted its first quarterly profit in two years , Reuters India reports.

Freddie Mac booked net income of $768 million in the second quarter on Aug. 7, attributing much of that profit on one-time accounting adjustments, mark-to-market gains due to the rise in interest rates and lower funding costs stemming from its federal financing plan. The company also said it reduced its provision for future credit losses by $3.9 billion from last quarter to $5.2 billion , Bloomberg reports.

One notable mover to the upside Monday was another bailed-out financial giant, American International Group Inc. (AIG), which rose for the fourth straight session after more than doubling last week. Shares of AIG, the insurance company that is roughly 80% owned by U.S. taxpayers, was up 8% at last check , Wall Street Journal reports.

Comments
Moving inexorably towards war
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
Brexit: The UK's misunderstanding of Democracy
The Amazon and the New Conquistadores
The Amazon and the New Conquistadores
Russians lose faith in their future, get ready for worse
Without INF Treaty, USA can destroy Russian nuclear weapons easily
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
Without INF Treaty, USA can destroy Russian nuclear weapons easily
USA plays to pretend a mighty dragon that can no longer breathe fire
USA plays to pretend a mighty dragon that can no longer breathe fire
Putin sees no drama if Russia misses Davos forum
Macron challenges Trump. French independence and croissants at stake
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Moving inexorably towards war
Putin dislikes the idea of US army bases coming to Kuril Islands
Putin dislikes the idea of US army bases coming to Kuril Islands
Putin sees no drama if Russia misses Davos forum
How can Americans and Russians understand each other?
How can Americans and Russians understand each other?