Freddie Mac reported a 19% increase in second-quarter earnings.

The company announced on Monday that net income for the quarter was $309 million, up from $264 million in the year-earlier period, while earnings per share set a record at $1.63, up from $1.37.

"Our loss mitigation programs are helping to moderate credit losses," said David W. Glenn, president and chief operating officer. "The market's acceptance of our Loan Prospector automated underwriting service continues to grow, strengthening our market position and improving the outlook for future credit performance."

Net interest income climbed by 30%, driven by a big increase in Freddie's mortgage portfolio.

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