Freddie Mac's net income soared for the second quarter of 2015, totaling $4.2 billion. That amount was nearly nine times the GSE's Q1 net income of $524 million, according to an announcement from Freddie Mac on Tuesday. With the inclusion of September 2015's Dividend Obligation of $3.9 billion, Freddie Mac will have returned $96.5 billion to taxpayers. That number represents about $25.2 billion more than the $71.3 billion Freddie Mac received in a bailout from Treasury in 2008.
Q2 was the 15th consecutive quarter of profitability for Freddie Mac, which became profitable again in Q4 2011, a little more than three years after the bailout. In the 12-month period ending June 30, 2015, Freddie Mac helped about 109 thousand homeowners avoid foreclosure; saved homeowners who refinanced an average of about $2,700 in interest payments in the first year; funded about 1 in 4 home loans nationwide; shifted risk to the private market through 111 innovative transactions; and provided $381 billionin funding to the mortgage market.
More detached homes will be built for single-family rental to meet increasing demand for rental housing, according to a report from John Burns Real Estate Consulting released Tuesday. For many years, resale homes have filled the demand for rental housing while builders ignored a significant share of the nation's households. Approximately 12.7 million out of 120 million, or nearly 10 percent of households nationwide, rent a detached single-family home. Those 12.7 million detached homes currently in the single-family rental market comprise about 29 percent of rentals nationwide.