Earnings were up more than a third on a quarter-over-quarter basis at Freddie Mac, while the year-over-year improvement exceeded 700 percent.
Single-family purchases and issuances totaled $132 billion in the first quarter, according to earnings data released Wednesday.
During all of last year, single-family volume totaled $427 billion, while the number was $321 billion in 2011.
Multifamily loan purchases and guarantees were $6 billion during the first three months of this year.
Full-year 2012 multifamily volume was $28.8 billion, while the amount was $20.3 billion in 2011.
As of Dec. 31, 2012, repurchase demands were outstanding on $3.0 billion in loans. After issuing $2.2 billion in new repurchase requests, collecting $0.9 billion in outstanding demands and canceling $1.4 billion in requests — the unpaid principal balance of outstanding requests as of March 31 was $2.9 billion.
Freddie reported that while the overall mortgage market had a 6.78 percent 90-day delinquency rate as of Dec. 31, 2012, and the prime delinquency rate was 4.34 percent — its own delinquency of at least 90 days was only 3.25 percent.
Florida’s 9.1 percent serious delinquency rate as of the first quarter was the highest of any state in Freddie’s portfolio.
No. 2 Nevada had a 7.2 percent rate but is on a declining trajectory, while No. 3 New Jersey was 6.9 percent and has been on the rise.
Nearly two-thirds of Freddie’s loans that were seriously delinquent were in judicial review states.
The multifamily portfolio was $180 billion as of the end of the first quarter, the same as the end of last year.
Freddie Mac reported $4.546 billion in income before income tax benefit.
Income jumped from the $3.312 billion reported for the fourth quarter and skyrocketed from $0.563 billion earned in the same period last year.
“The increase primarily reflects lower net security impairments, partially offset by lower income tax benefit,” the report said. “Fourth quarter 2012 financial results included the impact of a favorable resolution of tax matters with the Internal Revenue Service.”
First-quarter 2013 net income after taxes was the second largest in company history,
Freddie has paid $29.6 billion in cumulative dividends to the Treasury Department, while its cumulative Treasury draws total $71.3 billion.
The last draw taken was $19 million for the first-quarter 2012 deficit.
