Rebounding from a net loss of $9.9 billion in the first three months of the year, Freddie Mac posted $768 million in net income for the 2009 second quarter.

Boasting a net worth of $8.2 billion at the close of the reporting period, the mortgage company will not need a cash infusion from the U.S. Treasury.

Meanwhile, Freddie Mac said its smaller provision for credit losses was driven by a reduced rate of growth in the company's loan loss reserve due to the recent modest national home price improvements, which the company believes to be largely seasonal.

Source: Housing Wire, Jon Prior (08/10/09)