Freddie Mac reported $3.7 billion in net income in the second quarter of 2021, exceeding each of the previous four quarters.

The government sponsored entity said the increase was due to higher net revenues and a credit reserve release. Its net revenues increased $1.7 billion year-over-year to $5.9 billion, due to continued growth and strong performance in its single-family mortgage portfolio, company officials said. 

Refinances, including cash-out refinances, still accounted for most of the GSE’s funding activities. Refinances made up 66% of the loans the GSE acquired, compared with 75% in the first quarter of 2020, and 70% in 2020 overall.

Net revenues details ⇒

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