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VOL. 41 | NO. 18 | Friday, May 05, 2017
Fannie Mae posts $2.8B net income in Q1; $2.8B dividend
WASHINGTON (AP) — Mortgage giant Fannie Mae posted net income of $2.8 billion for the first quarter, an increase from a year earlier for the government-controlled company.
Fannie, based in Washington, D.C., is paying an equivalent dividend of $2.8 billion to the U.S. Treasury next month. Fannie will then have paid a total $162.7 billion in dividends, exceeding the $116 billion it received from taxpayers during the financial crisis.
The results announced Friday for the January-through-March period compared with net income of $1.1 billion a year earlier.
The government rescued Fannie and smaller sibling Freddie Mac at the height of the crisis in September 2008 after they nearly collapsed from heavy losses on risky mortgages.
The two companies together own or guarantee about half of all U.S. mortgages, worth about $5 trillion.