Freddie Mac (OTCQB: FMCC) on Tuesday reported net income of $993 million for the second quarter of 2016, compared to a net loss of $354 million for the first quarter of 2016. The company also reported comprehensive income of $1.1 billion for the second quarter of 2016, compared to a comprehensive loss of $200 million for the first quarter of 2016.

Freddie CEO Donald Layton
Freddie CEO Donald Layton

The GSE said it booked $3.4 billion in net interest income, flat with the first quarter. It said single-family guarantee fee income increased but was offset by  a decline in revenue from the investments portfolio; $0.4 billion (after-tax) estimated fair value loss as interest rates declined late in the quarter; and an $0.8 billion benefit for credit losses driven by the reclassification of seriously delinquent loans from held-for-investment to held-for-sale.

Visit Seeking Alpha for a transcript of the GSE's earnings conference call.