McLEAN, VA-Freddie Mac posted solid quarterly earnings, which included a $2.9 billion increase in net income and multifamily earnings of $710 million. The GSE also brought to market its fifteenth multifamily K-Certificates, for $1.2 billion.

The quarterly earnings are a relief to companies not eager to see the GSEs dismantled. It is the second quarterly profit posted by Freddie Mac; the GSE paid a dividend of $1.8 billion to the US Treasury and did not request federal aid for the sixth quarter. The multifamily business financial results were also solid. Freddie Mac's year-to-date multifamily earnings of $1.65 billion have surpassed all of 2011's. The multifamily business financed 110,000 apartment units during the third quarter and 303,000 year to date. It also provided $6.8 billion in multifamily loans during the third quarter and $19.2 billion year to date. Its credit losses on total mortgage portfolio were $6 million and the delinquency rate a low 27 basis points. The GSE also settled $4.9 billion of K-deals during the quarter; year to date that number is $13.9 billion.

The quarterly report follows a $1.2 billion K-Certificates offering by Freddie Mac. It was backed by 76 recently-originated multifamily mortgages guaranteed by Freddie Mac. The offering includes two senior principal and interest classes, a senior interest only class and a junior interest only class.