The second largest mortgage financier in the U.S., Freddie Mac, reported on Thursday (2-11-21) that its net income in Q4 2020 rise 18% from Q3 to $2.9 billion, as low interest rates continue to boost originations. In total, the company’s net income at the end of 2020 was $7.3 billion, a 2% increase from 2019. Its net worth increased to $16.4 billion, from $9.1 billion on December 31, 2019. Nevertheless, even with the additional net income, the Federal Housing Finance Agency continues to hold Freddie Mac in a conservatorship. Freddie Mac’s chief financial officer, Chris Lown, during Thursday’s earning call said, “In 2020, Freddie Mac continued to serve the important role for which it was founded: supporting the housing market in all economic conditions. In the face of extraordinary economic uncertainty caused by COVID-19, we provided record liquidity, enabling millions of borrowers to purchase or refinance homes at historically low interest rates.”
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Freddie Mac posts net income of $7.3 billion for 2020