For the first time in two years, Freddie Mac reported a quarterly profit as an accounting change and gains from hedges helped the mortgage giant offset credit losses. Although the firm continues to relay on government support, Freddie Mac executives said it will not need another capital injection from the Treasury. "Our outlook remains cautious due to rising foreclosures, growing unemployment, tight lending standards and buyers' reluctance to re-enter the market," said John Koskinen, interim CEO of Freddie Mac.

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