Fannie Mae reports Q1 net earnings of US$2.7B, compared with net loss of US$6.5B a year ago, its first earnings since being taken over by federal government
May 9, 2012
– U.S. mortgage giant Fannie Mae says it made money in the first three months of the year and is not seeking additional federal aid. It's the first time the company has reported a net income gain since it was taken over by the government during the financial crisis.
Fannie reports net income attributable to common stockholders of $2.7 billion in the January-March quarter. That compares with a net loss of $6.5 billion in the first quarter of 2011.
The company says the improvement was due to slower home price declines, reduced inventory of single-family homes and fewer mortgages in serious delinquency.
Fannie has received about $116 billion so far from the Treasury Department, the most expensive bailout of a single company.
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