WASHINGTON -- The record number of home-loan refinancings in the third quarter was pure punishment for some companies in the mortgage business. But for Freddie Mac, the main effect was beneficial: new loans.

Earnings of the Federal Home Loan Mortgage Corp. jumped 24% as its loan portfolio grew briskly and its securitization business surged. On Monday, the McLean, Va.-based company reported net income of $200 million for the quarter, up from $180 million a year earlier.

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