Software Development Intern - Summer 2026

Freddie Mac posts $3.8 billion Q2 profit as net worth climbs to $78 billion. Freddie Mac's second-quarter net income climbed 61% from a year earlier to $3.8 billion, lifting the mortgage giant's net worth to $78 billion as it keeps building capital toward eventual release from federal conservatorship. Freddie Mac reported second-quarter 2026 net income of $3.8 billion, up 61% from $2.4 billion a year earlier and up 8% from the first quarter's $3.6 billion, according to an earnings exhibit the company filed with the Securities and Exchange Commission on July 30. Net revenues totaled $6.0 billion, up 1% year over year, while net worth climbed to $78 billion from $73.9 billion at the end of the first quarter. "Freddie Mac delivered strong second quarter financial results, reflecting business strength and disciplined execution," said William J. Pulte, chair of Freddie Mac's board. CEO Kenny Smith said the company "helped nearly 439,000 households buy, refinance or rent a home, including 97,000 first-time homebuyers" during the quarter. The earnings gain was driven partly by a $880 million credit benefit, a reversal from the $783 million credit provision the company booked in the second quarter of 2025. Freddie Mac attributed the swing largely to an updated house-price scenario methodology used in its reserve modeling. Net interest income rose 13% year over year to $6.0 billion, while non-interest results swung to a $19 million loss from $617 million in income a year earlier, reflecting net investment losses this quarter versus net gains in the prior-year period. Freddie Mac's single-family business, its largest segment, posted net income of $3.3 billion, up 57% year over year, on net revenues of $5.1 billion. The company financed 306,000 single-family mortgages in the quarter, including new business activity of $110 billion, up from $94 billion a year earlier, as refinance activity nearly doubled to 106,000 borrowers from 58,000. First-time homebuyers made up 52% of purchase loans, and 54% of eligible loans met affordable-housing criteria. The single-family serious delinquency rate edged up to 0.60% from 0.59% at the end of 2025. Multifamily net income rose 90% year over year to $561 million on net revenues of $891 million, up 14%. The segment financed 133,000 rental units and issued $23 billion in securitizations, with 91% of eligible units meeting affordable-housing criteria. The multifamily delinquency rate rose to 0.51% from 0.44% at year-end, a gap the earnings exhibit did not further explain. Freddie Mac remains under federal conservatorship, and its capital position continues to be measured against regulatory targets tied to that status. The company's senior preferred stock liquidation preference held by the U.S. Treasury stood at $146.6 billion and is set to rise to $150.4 billion on Sept. 30, 2026. Cumulative Treasury draws remain unchanged at $71.6 billion, and Freddie Mac was not required to pay a dividend to Treasury in June 2026 as it continues building capital. Treasury's remaining funding commitment to the company stands at $140.2 billion. The results add to a stronger-than-expected earnings season for the two government-sponsored mortgage giants: Fannie Mae reported Q2 net income of $4.0 billion, up 20% year over year, on rising purchase mortgage volume, in results filed the same week. Both companies continue to operate under conservatorship more than 17 years after the 2008 financial crisis, with investors and policymakers watching for any signal on a possible path toward recapitalization and release. The GSEs' results come as 30-year mortgage rates remain elevated. Freddie Mac's own weekly Primary Mortgage Market Survey has shown rates climbing toward the highest levels of 2026 in recent weeks, a dynamic that has weighed on refinance volume even as purchase-mortgage activity has strengthened at both Freddie Mac and Fannie Mae. What it means: Freddie Mac's improved profitability and rising net worth are verified facts from its SEC filing. The credit-reserve release driving part of the earnings beat reflects a methodology change in the company's own house-price assumptions, not necessarily a durable shift in credit performance - a distinction the company's own disclosures make but do not fully explain. Whether the results move Freddie Mac closer to an exit from conservatorship remains a matter of regulatory and political judgment beyond what this quarter's numbers can determine.

eXp Realty adds former NAHREP president Carmen Mercado. Mercado is also former director of affordable lending at Freddie Mac Article Summary. Carmen Mercado, former national president of NAHREP and former director of affordable lending at Freddie Mac, has joined eXp Realty as a real estate agent. She brings over 20 years of experience in residential real estate, brokerage leadership, housing finance, and affordable lending. AI Summary eXp Realty announced that Carmen Mercado, former national president of the National Association of Hispanic Real Estate Professionals (NAHREP) and former director of affordable lending at Freddie Mac, has joined the company as a real estate agent. Mercado brings more than 20 years of experience in residential real estate, brokerage leadership, housing finance and affordable lending. She has served as a broker, trainer, growth strategist and New York Department of State-certified real estate instructor, and has appeared on HousingWire's annual Women of Influence list. "Carmen has spent her career pushing the industry to be more inclusive and better prepared for what's ahead. That's exactly the mindset our model was built for," said Leo Pareja, CEO of eXp Realty. "We're not just gaining an experienced leader. We're gaining someone who's spent her whole career making other people better at this business." Mercado entered the real estate industry in 2002 following a difficult first-time homebuying experience with her husband, a military veteran. At the time, she was working on Wall Street, but said the Sept. 11 attacks prompted her to pursue a career that allowed her to spend more time with her family while helping others navigate the homebuying process. "Throughout my career, I've found that the agents who thrive aren't necessarily the ones who predict every market change perfectly," Mercado said. "They're the ones who prepare before opportunity arrives. As the Roman philosopher Seneca wrote, 'Luck is what happens when preparation meets opportunity.' That's a philosophy I've carried with me throughout my career." At eXp, Mercado plans to grow her own team while expanding her residential and investor business. She will also work with corporations, nonprofits and industry partners on business development and continue sharing market insights to help agents identify opportunities.

Michael Gould named Access Point Financial CFO. Access Point Financial (APF) has appointed Michael Gould as CFO. He brings 15 years of financial experience, much of it in the hospitality industry. "Michael brings a wealth of knowledge stemming from his work across multiple asset classes, demonstrating a particular expertise overseeing complex hospitality investments and refinancings," said Mike Lipson, CEO, APF. "Michael's background is a perfect fit for Access Point as we refine our vision and growth goals." Most recently, Gould served as senior director at Freddie Mac. Prior to that, he was a VP at Rockbridge, where he completed investments in hospitality and other asset classes over his 11-year tenure. He began his career in KPMG's assurance practice and is a CPA (inactive). "As private credit continues to fill in the gaps left by traditional banks and lenders, now is a particularly exciting time to join Access Point Financial," Gould said. "I am pleased to return to the hospitality sector with an industry-leading investment platform as we seek to provide attractive financing alternatives to hotel owners and investors."