Government-controlled housing finance giant Freddie Mac on Tuesday reported a $3 billion profit for the second quarter of the year and said it would not request additional federal aid for the period to stay afloat.
The improving housing market meant Freddie Mac set aside $1.7 billion less than it did in the first three months of the year for loan losses. Freddie Mac posted a $577 million profit in the first quarter and needed $19 million from the government. Freddie Mac has received about $72.3 billion from taxpayers since it was seized along with its sister company, Fannie Mae, in 2008 as they both were on the brink of bankruptcy because of the collapse of the housing market.
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