Q1 net income of $4B vs. $8.6B in Q4. The Q1 result includes $3.4B in after-tax legal settlements and $1.6B in after-tax losses on interest rate hedges. It's the 10th consecutive quarter of positive earnings, but "[The] recent level of earnings is not sustainable over the long term," says Freddie Mac (FMCC +1.5%).
The June dividend obligation to Treasury will be $4.5B, brining total to $83.6B vs. $72.3B in draws.
Previously: Freddie Mac reports Q1 profit