Freddie Mac Reports 1Q Profit in Two Years

Freddie Mac , after having received $51 billion in taxpayer aid since last fall, reported its first quarterly profit in two years on Friday and said that it doesn't need any more government money for now.

Photo: Freddie Mac Reports 1Q Profit in Two Years

In another sign of stabilization in the financial markets, the McLean mortgage-finance giant said it earned $768 million in the second quarter, compared with a loss of $821 million in the corresponding period last year , Washington Post reports.

However, Freddie Mac and its sibling Fannie Mae have received hundreds of billions of dollars as part of a virtual government takeover aimed at avoiding their collapse in the wake of the subprime mortgage crisis.

"We are pleased that our financial results allowed us to finish the quarter with a positive net worth, meaning we will not need to request any additional financial support from the government at this time," Koskinen said , AFP reports.

“We are pleased that our financial results allowed us to finish the quarter with a positive net worth, meaning we will not need to request any additional support from the government at this time,” said interim chief executive John Koskinen in a statement. “While we are seeing some early signs pointing to a housing recovery – including a modest uptick in housing prices in some markets – our outlook remains cautious due to rising foreclosures, growing unemployment, tight lending standards and buyers’ reluctance to re-enter the market.” , Bizjournals.com reports.