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Government-sponsored enterprise Freddie Mac reported a net loss of $354 million in the first quarter of 2016, but said no draw from the Treasury Department would be necessary.

Freddie also reported a comprehensive loss of $200 million. The GSE attributed the loss to a decline in interest rates and the spread change effect – when spreads on certain mortgage loans and mortgage-related securities measured at fair value widen.

"Freddie Mac's first quarter business results continued to be strong, reflecting our transformation to be a more competitive company," said Freddie CEO Donald Layton. "We're serving our customers better and also more effectively executing on our mission to responsibly support homeowners and renters nationwide. The percentage of our purchases of loans to first-time homebuyers hit a 10-year high and we continue to finance record levels of rental housing."

"While the resulting flight-to-quality decrease in interest rates reduced our [Generally Accepted Accounting Principles] results this quarter, an impact which is non-economic in nature, the fundamentals of our business are very solid and continue to improve," he continued.

The news of the GSE's second loss in three quarters raised concerns. "Taxpayers dodged a bullet today, but the warning bell is blaring," said National Association of Home Builders Chairman Ed Brady, in a statement.

In November, Freddie reported its first quarterly loss in four years – a loss of $475 million in the third quarter of 2015.

Fannie and Freddie have been under the FHFA's conservatorship since 2008. NAFCU continues to push for housing reform that guarantees credit unions access to the secondary housing market and for fair pricing based on loan quality instead of volume.