(MENAFN) Mortgage giant Freddie Mac posted net income of USD227 million for the fourth quarter in 2014, marking a drastic decrease from the same period in 2013, Gulf Daily News reported.
Freddie's fourth-quarter profit was well below the USD8.6 billion it earned in the same period of 2013. For the whole year of 2014, Freddie reported net income of USD7.7 billion, down from USD48.7 billion in 2013.
Virginia-based Freddie is also set to pay a dividend of USD900m to the US Treasury next month. Freddie will have paid USD91.8 billion in dividends, surpassing its government bailout of USD71.3 billion.
The decline in 2014 profit is attributed to losses from derivatives. Freddie reported derivatives losses of USD3.4 billion in the fourth quarter and USD8.3 billion in 2014.
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