Jonathan Ernst / Reuters
A general view of Fannie Mae headquarters in Washington March 30, 2012.
By Patrick Rizzo
Something happened in the first quarter?at government-run mortgage giant Fannie Mae (FNMA) that hasn't happened since 2008: it didn't ask for a taxpayer handout.
Fannie Mae reported a $2.7 billion first-quarter profit Wednesday, versus a net loss in the same quarter last year of $6.5 billion. The company's comprehensive income of $3.1 billion?was enough?for Fannie Mae to pay the government a first-quarter dividend of $2.8 billion for its stake in the mortgage company.
Fannie Mae has been requiring taxpayer help to stay afloat since the third quarter of 2008, when the government took over Fannie Mae and its sister company Freddie Mac amid the financial crisis.
"The significant improvement in the company?s financial results in the first quarter of 2012 was due primarily to lower credit-related expenses, resulting from a less significant decline in home prices, a decline in the company?s inventory of single-family real estate owned (?REO?) properties coupled with improved REO sales prices, and lower single-family serious delinquency rates," Fannie Mae said in a statement.
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