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Freddie Mac's net income for the first quarter of 2015 totaled 524 million dollars, nearly double the total of a profitable but somewhat slow fourth quarter, according to Freddie Mac's Q1 2015 Financial Report released Tuesday morning. Derivative losses were largely responsible for dropping Freddie Mac's net income by nearly $2 billion from Q3 to Q4 down to $227 million. Q1 marked the 14th consecutive quarter of profitability for Freddie Mac.
Freddie Mac's comprehensive income nearly tripled from the previous quarter, jumping from $251 million in Q4 up to $746 million in Q1. The increases in net and comprehensive income were primarily driven by the drop in derivative losses amid declining interest rates and a less-flattening yield curve in Q1. Also on Tuesday, Fannie Mae and Freddie Mac announced that their conservator, the FHFA, has authorized them to review the salaries of their respective CEOs, Timothy Mayopoulos and Donald Layton. Both CEOs made 600 thousand dollars each without bonuses in 2014.
U.S. Senator Sheldon Whitehouse, a Democrat from Rhode Island, has announced legislation that would permanently protect servicemembers and their families from losing their homes to foreclosure. The bill, which Whitehouse introduced into the Senate on Thursday, April 30, would permanently extend a law that sets one year as the time a servicemember's house is protected from foreclosure upon his or her return from active duty. Currently the law is set to expire on January 1, 2016.
