Tags: freddie | profit | fed | bailout

Freddie Mac Sees Profit, Seeks $146 M in Fed Funds

Friday, 09 Mar 2012 11:28 AM

 

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Freddie Mac, the mortgage-finance company operating under U.S. conservatorship, will seek $146 million in Treasury Department aid after fourth-quarter profit of $619 million failed to offset a dividend payment owed on the government’s nearly 80 percent stake.

The company had a net-worth deficit of $146 million at the close of the three-month period that ended Dec. 31, reflecting total income of $1.5 billion before accounting for the $1.7 billion payment on Treasury’s stake, Freddie Mac said today in a Securities and Exchange Commission filing. Freddie Mac reported a $4.4 billion loss in the third quarter and a $113 million loss for the fourth quarter of 2010.

For the full year 2011, the McLean, Virginia-based company reported a net loss of $5.3 billion, compared with a net loss of $14 billion for 2010. The company drew $7.6 billion from Treasury in 2011 and made dividend payments of $6.5 billion.

Freddie Mac and its larger rival Fannie Mae own or guarantee almost half of U.S. home loans. They have been sustained by Treasury Department aid since they were seized in September 2008 amid losses tied defaults and foreclosures.

Washington-based Fannie Mae last month reported a $2.4 billion net loss for the fourth quarter and sought nearly $4.6 billion from the Treasury.

In a separate filing today, Freddie Mac and Fannie Mae reported compensation for top executives. Fannie Mae Chief Executive Officer Michael J. Williams was paid $5,258,500 in 2011, including a $900,000 base salary and performance bonuses. Williams has said he will leave the company this year.

Freddie Mac CEO Charles E. Haldeman was paid $3,798,500 for 2011, less than his $6 million target compensation. Since 2008, executive compensation has decreased 74 percent, the Federal Housing Finance Agency said today.

FHFA, the regulator for Freddie Mac and Fannie Mae, today set new performance targets for company executives. The agency eliminated bonuses and set new CEO target pay at $500,000.

© Copyright 2014 Bloomberg News. All rights reserved.

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