Friday, August 07, 2009

Freddie Mac: House Price Improvement "Largely Seasonal"

by Calculated Risk on 8/07/2009 04:22:00 PM

Freddie Mac Press Release:

Freddie Mac had a positive net worth of $8.2 billion at June 30, 2009. As a result, no additional funding was required from Treasury under the terms of the Senior Preferred Stock Purchase Agreement (Purchase Agreement) for the second quarter.
...
Provision for credit losses was $5.2 billion for the second quarter of 2009, compared to $8.8 billion for the first quarter of 2009. The decrease was driven by a reduced rate of growth in the company's loan loss reserve due to the recent modest national home price improvements, which the company believes to be largely seasonal.
emphasis added
No mention of the amount of nonperforming loans.