Freddie Mac reported net income of $577 million for the first quarter of 2012 and nearly enough other comprehensive income (OCI) to offset its required dividend payment to the government. The government-sponsored enterprise piled up $1.21 billion in OCI largely from improved values on its mortgage securities holdings. Net income was down from $619 million in the fourth quarter partly because of higher derivative losses. Total comprehensive income came to $1.79 billion, a little short of the GSE’s $1.81 billion dividend payment. Freddie...