News Column

Fannie Mae Reports $10.1 Billion in Q2 Profit

August 8, 2013
housing

US mortgage company Fannie Mae said Thursday that it earned 10.1 billion dollars in the second quarter of this year, helped by an upturn in the property market.

It marked the sixth quarter in a row that the mortgage financier, now controlled by the US government, has reported a profit.

The Washington-based mortgage giant said it would pay a dividend to the US Treasury of 10.2 billion dollars in September, bringing to 105 billion dollars the payments it has made on the 117.1-billion-dollar government bailout it received.

Fannie Mae and the smaller mortgage-financing company Freddie Mac were rescued by the government following the financial crisis of 2008 after both ran up huge losses because of risky mortgages.

Together, they received loans of more than 187 billion dollars.

The recovery in the US housing market began last year, returning Fannie Mae and Freddie Mac to profitability.

Fannie Mae said it expected to remain profitable for the "foreseeable future."




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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH


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