The Federal Home Loan Mortgage Corp. earned $321 million in the fourth quarter, up 10.3% from earnings a year earlier. Earnings per share came to 43 cents. The per share result reflects a 4-for-1 stock split on Dec. 31. Earnings per share were up 13%, reflecting Freddie Mac's share repurchase program.

Fourth-quarter revenues were $724 million, up 7%. Of that, net interest income on earning assets - mostly mortgages - totaled $387 million, a gain of 7%. The increase was primarily driven by a 32% expansion in Freddie Mac's mortgage portfolio, which stood at $46.5 billion on Dec. 31.

Management and guaranty fees were $319 million in the fourth quarter, up 6.3%. Freddie Mac earns these fees by guaranteeing the timely payment of principal and interest on its mortgage-backed securities.

For 1996, net income was $1.24 billion, up 14% from the 1995 level. Earnings per share in 1996 were $1.65 on a post-split basis, up 16%.

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