Freddie Mac Posts Second-Largest Profit In The Company's History

Shares of Freddie Mac/ Federal Home Loan Mortgage Corp (OTCBB:FMCC) rose about 2% Wednesday morning after the federally controlled mortgage buyer reported near-record quarterly profits. The return to profitability of Freddie and Fannie/  Federal National Mortgage Association (OTCBB:FNMA) in the last two years has largely occurred on the back of a continuing housing market recovery, marked by rising home prices and falling mortgage delinquencies. U.S. home prices are rising at the fastest pace since 2006. The S&P/Case Shiller index of property values in May showed home prices racked up a hefty 12.2 percent gain from the year before. Freddie Mac…