Lower loan management costs and a rise in fee income offset slower portfolio growth for Fannie Mae and Freddie Mac in the second quarter, allowing the companies to post record results.

Freddie Mac's net income was $340 million for the second quarter and $669 million for the first half, according to figures released yesterday. This compares with $309 million and $610 million, respectively, for the same periods a year ago and was in line with analysts' estimates.

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