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Freddie earns $30.5B in 3Q; repaying bailout

Thursday - 11/7/2013, 10:50am  ET

WASHINGTON (AP) -- Freddie Mac posted net income of $30.5 billion from July through September, its eighth straight profitable quarter. Freddie will have repaid its full government bailout after paying its third-quarter dividend.

Freddie said Thursday Its third-quarter profit was boosted by an accounting move that allowed the government-controlled mortgage giant to capitalize on tax benefits it had saved up from its losses on mortgages during the crisis.

The gain compares with net income of $2.9 billion in the same period of 2012.

Freddie will pay a dividend of $30.4 billion to the U.S. Treasury next month. With its previous payments totaling $41.4 billion, it will have repaid fully the $71.3 billion it received from taxpayers.

The government rescued Freddie and larger sibling Fannie Mae during the financial crisis in 2008.

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