We clearly had a strong quarter - even excluding the large legal settlement, Freddie Mac made a profit of $1.8 billion. This reflects the growing strength of our business model as well as an improving quality of execution. And we’re doing this while increasingly protecting taxpayers through credit risk transfer, transacting greater volumes with more offerings than ever before – we recently reached a milestone of $1 trillion of mortgages with significant credit risk transferred.
This performance is evidence of good progress toward our goal to be one of the best-run financial institutions in the country, while successfully delivering on our public policy mission. We call this our transformation to “A Better Freddie Mac.” We’re better at managing our risks, better at disposing of legacy assets, and getting better all the time at serving our customers – helping them meet the nation’s critical need for housing, especially for lower-income families and first-time homebuyers.
For more details about our results and our transformation, please listen to a recording of our conference call with the media or read the additional resources below.