US mortgage finance giant Freddie Mac has posted an $11 billion annual profit for 2012, compared to a loss of $5.3 billion a year earlier. The government-controlled company, bailed out during the 2008 financial crisis, also reported $4.5 billion in net income for the fourth quarter of last year, up from $2.9 billion in the third quarter.
"It's clear from our earnings that the housing market has turned a corner and that our work to minimise legacy losses and build a strong new book of business is paying off," Freddie Mac chief executive Donald Layton said in a statement Thursday. Provision for credit losses for 2012 fell to $1.9 billion from $10.7 billion for 2011, the company said. Freddie Mac said that, through December 31, it had paid $23.8 billion in cash dividends to the US Treasury.
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