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Fannie Mae makes $5.2bn profit
FANNIE Mae yesterday reported a quarterly profit due in part to stronger home prices and said the mortgage financier did not need additional taxpayer funds to stay solvent, the second consecutive quarter the company did not request help since it was seized by federal authorities during the financial crisis.
Fannie Mae said net income for the second-quarter ending in June was $5.1bn (£3.32bn). In the first quarter, the company said it earned $2.7bn. The higher income allowed Fannie Mae to make a $2.9bn dividend repayment to the US Treasury. So far, the company has drawn $116.1bn in taxpayer money and has repaid $25.6bn.