Fannie Mae posts $1.9B profit in 1Q; paying $1.8B to gov't
Mortgage giant Fannie Mae says it had net income of $1.9 billion for the first quarter. That's sharply down from the same period a year ago due to lower fee income.
The results announced Thursday for the January-through-March period marked the 13th straight profitable quarter for the government-controlled company.
Washington-based Fannie also says it will pay a dividend of $1.8 billion to the U.S. Treasury next month. Fannie will have paid $134.6- billion in dividends, exceeding the $116 billion it received from taxpayers during the financial crisis.
The government rescued Fannie and smaller sibling Freddie Mac at the height of the crisis in September 2008.