Freddie Mac Sees $577M in First-Quarter Net Income

Mortgage giant ""Freddie Mac"":http://www.freddiemac.com/ saw $577 in net income over the first quarter, less than $619 million for the same by the fourth quarter last year.

The GSE said that its net worth deficit would require a Treasury draw of $19 million, adding that it offset comprehensive income over the first quarter by senior preferred dividends worth $1.81 billion.

The company laid claim to more than $114 billion of liquidity in the mortgage market over the first quarter, including $89 billion single-family refinance loans that resulted in an estimated $1.4 billion in aggregate annual interest savings for some 416,000 homeowners.

Freddie's single-family origination portfolio saw more declines between 2005 and 2008, with mortgage loans from those years accounting for roughly 30 percent of the single-family credit portfolio.

""In the first quarter, Freddie Mac sharpened its focus on building value for the industry, homeowners and taxpayers by aligning its resources and internal business plans to meet the goals and objectives laid out in our new Conservatorship Scorecard and Strategic Plan,"" Charles E. Haldeman, outgoing CEO for Freddie, said in a statement.

He added that Freddie continues to work ""with our regulator to build a new infrastructure for the housing finance system and establish a path for shifting risk to private investors. These steps will ultimately reduce the size of the government's role in the market, and complement the work we've already started to streamline the company.""