|Fannie Mae earns $7.6B in Q4, biggest quarterly gain||| Print ||
|Written by Associated Press|
|Tuesday, 02 April 2013 09:56|
WASHINGTON (AP) — Mortgage giant Fannie Mae earned $7.6 billion from October through December, the biggest quarterly profit in its history. The gain was driven by an improving housing market that has lifted home prices and a $3.6 billion legal settlement with Bank of America.
The government-controlled company sought no additional federal aid.
For all of 2012, Fannie says it earned $17.2 billion and paid dividends of $11.6 billion to the U.S. Treasury. The company says it expects to remain profitable "for the foreseeable future."
Taxpayers spent $116 billion to rescue Fannie during the financial crisis. The company has so far paid back $35.6 billion.
Copyright 2013 The Associated Press.
|Last Updated on Tuesday, 02 April 2013 09:58|