Freddie Mac said today that full-year net income and
comprehensive income, $7.7 billion and 9.4 billion respectively, made 2014 the
company’s third straight year of profitability.
The financial results were driven primarily by:
- Net interest income of $14.3 billion
Settlement income of $6.1 billion
related to private-label securities litigation
Derivative losses of $8.3 billion
driven mostly by declining interest rates
Net and comprehensive income results were
substantially below the numbers booked in 2013 of $48.7 billion and $51.6 billion
respectively, totals that included an income tax benefit
of $23.3 billion that primarily
resulted from the release of the deferred tax asset valuation allowance in the
third quarter of 2013.
The decreases in 2014 net income and comprehensive income were further driven by: