(Bloomberg) — Freddie Mac, the U.S.-owned mortgage financier,will send $746 million to the Treasury Department next month afterreporting first-quarter net income of $524 million.
The new payment by McLean, Va.-based Freddie Mac, which has beenunder conservatorship since 2008, will bring total returns to $92.6billion, according to a regulatory filing Tuesday, far beyond whatthe company received in federal aid to stay afloat during thecredit crisis.
The company again avoided a quarterly loss even while sufferingsizable expenses from derivatives — totaling $2.4 billion in theperiod that ended March 31 — that under generally acceptedaccounting principles aren't offset by gains on the assets beinghedged. Losses in any period that reduce its net worth, which issteadily declining under its bailout agreement, below zero wouldrequire the company to take more U.S. funds, potentially drawingunwanted attention from policy makers.
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