Freddie Mac earns $5 billion in second quarter

By Marcy Gordon

Published August 7, 2013 2:51pm ET

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Freddie Mac earns $5 billion in second quarter — FILE - In this Tuesday, July 30, 2013, file photo, A home is seen for sale Tuesday, July 30, 2013 in Gilbert, Ariz. Freddie Mac reports quarterly earnings on Tuesday, Aug. 7, 2013. (AP Photo/Matt York) | Matt York

WASHINGTON (AP) — Freddie Mac earned $5 billion from April through June, the seventh straight profitable quarter for the mortgage giant.

The second-quarter gain reported Wednesday compares with net income of $3 billion in the same period of 2012. Freddie says its earnings were due largely to increased profits from investments made to hedge against rising interest rates. That helped offset losses on mortgages during the quarter.

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