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.
This week, Freddie Mac reported its fourth quarter and full-year 2013 financial results. Net income totaled $48.7 billion and comprehensive income was at $51.6 billion – both records for the company. The quarter was also a record for pre-tax income at $8.6 billion and marked our ninth consecutive quarter of positive earnings. However, it's important to note that our results included several legacy items that were strongly favorable in 2013, such as legal settlements, but it is our expectation that such items will be considerably smaller in 2014.
This morning, Freddie Mac reported pre-tax net income of $6.5 billion for the third quarter of 2013, which is our eighth consecutive quarter of positive earnings and now the second largest in our company’s history. Our net income was $30.5 billion this quarter, while comprehensive income – which we believe to be the most important measurement of our results – was $30.4 billion. This includes a one-time federal income tax benefit of $23.9 billion.
Yesterday, Freddie Mac announced
second quarter net income of $5 billion, marking our seventh consecutive quarter of net income profitability and the second-largest quarterly net income in our company's history. Clearly, our outstanding financial results are benefitting from the turnaround in housing, as well as the improvements we continue to make in our business.