Posts by Donald H. Layton
CEO 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 our fifth straight year of profitability, with net income of $7.8 billion and comprehensive income of $7.1 billion. Our results reflect not only an improving economy but also the very successful work we have done to transform the company.
Today Freddie Mac reported net income and comprehensive income of $2.3 billion for the third quarter of 2016. Our results strongly reflect our improving business fundamentals and competitiveness – higher purchase volumes, an eight-year best in credit quality and a continued decline in legacy assets.
Today Freddie Mac reported net income of $1 billion and comprehensive income of $1.1 billion for the second quarter of 2016. Both our financial and business results were solid, reflecting further improvement in our competitiveness and capabilities, highlighted by strong new guarantee business volumes.
Today Freddie Mac reported a net loss of $354 million and a comprehensive loss of $200 million for the first quarter of 2016. This loss was mainly caused by the GAAP accounting measurement differences associated with our use of derivatives to hedge interest rate risk, whereby the derivatives are fair valued but many of the assets and liabilities being hedged are not.
Today Freddie Mac reported its fourth consecutive year of profitability, reporting net income of $6.4 billion and comprehensive income of $5.8 billion for the full-year 2015. Our solid performance last year was driven by our progress in building a better Freddie Mac, as evidenced by continued growth in purchase volumes in the guarantee businesses, including a multifamily record. We’re also building a better housing finance system by expanding credit risk transfer and efficiently disposing of legacy assets, thereby reducing taxpayer exposure to risk.