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New York

Freddie Mac’s Q2 net income dips to $1.7 billion

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Freddie Mac reported a net income of $1.7 billion in the second quarter of 2017, a decline from the $2.2 billion it raked in during the first quarter of the year. The government-owned corporation cited a reduction in market-related gains as the reason for decline, but reported that markets remained steady in Q2. Freddie Mac also announced this week that it would cease purchasing low down payment loans that include lender contributions to the down payment. The revised policy requires borrowers to produce three percent of the home value for the down payment. [Housingwire]