Quarterly earnings at the Federal Home Loan Mortgage Corp. exceeded year-earlier levels. A decline, however, was recorded versus the preceding three-month period.

From Jan. 1, 2018, through the end of March, income before income tax expense was $3.7 billion, according to Freddie Mac’s first-quarter earnings report.

Results at the McLean, Virginia-based organization improved from $3.3 billion earned during the same three-month period last year. Income came up short, though, of the $3.8 billion earned in the prior three-month period.

Source: Mortgage Daily