McLEAN, Va. - Freddie Mac reported first-quarter earnings of $608 million, up 18.5%. The secondary marketing giant's per-share earnings were 81 cents, beating by a penny First Call/Thomson Financial's average of analysts' predictions.

David W. Glenn, Freddie's president and chief operating officer, said in a press release that the improvement was "driven by a combination of retained-portfolio growth, stable margins, and outstanding credit performance."

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