Posts by Donald H. Layton
Donald H. Layton is chief executive officer of Freddie Mac, a publicly traded company that is one of the largest sources of mortgage financing in the United States and a leader in the nation's efforts to keep families in their homes and stabilize the housing market.
Today Freddie Mac reported a net loss of $475 million and a comprehensive loss of $501 million for the third quarter of 2015. This $0.5 billion loss was caused mainly by the accounting associated with our use of derivatives, whereby the derivatives are marked-to-market but many of the assets and liabilities being hedged are not. Otherwise, the business had very strong fundamentals with growing volumes of guarantees and continued improving credit quality in the guarantee businesses.
Over the last few years, we have moved on from the early-years conservatorship mindset, which was characterized by us being hesitant to make decisions, by waiting for the government to tell us what to do, or waiting for "imminent" legislation. Now we are a more aggressive company, customer-focused and better at execution than ever before. We're firmly facing the future, not the past. And we're very much working not only to have a better company but also a better housing finance system for all.
Today Freddie Mac announced its 15th consecutive quarter of profitability, reporting net income of $4.2 billion and comprehensive income of $3.9 billion for the second quarter of 2015. These results show our continued progress in moving housing forward by building a better Freddie Mac and a stronger mortgage finance system for the nation.
Today Freddie Mac announced its 14th consecutive quarter of profitability, reporting net income of $524 million and comprehensive income of $746 million for the first quarter of 2015. These results demonstrate our continued progress in building a profitable, sustainable business model and our commitment to moving housing forward.
Today Freddie Mac announced another year of solid financial performance, reporting net income of $7.7 billion and comprehensive income of $9.4 billion for 2014.