Fannie Mae posts $2B in profit in 3Q; paying $2.2B dividend
WASHINGTON (AP) — Mortgage giant Fannie Mae reported net income of $2 billion from July through September, down from $3.9 billion a year earlier.
The government-controlled company attributed the third-quarter decline in profit mainly to losses on the investments it uses to hedge against swings in interest rates.
The results posted Thursday marked the 15th straight profitable quarter for Washington-based Fannie Mae.
Fannie said it will pay a dividend of $2.2 billion to the U.S. Treasury next month. With that payment, Fannie will have paid a total $144.8 billion in dividends.
Fannie received $116 billion from taxpayers during the financial crisis in September 2008. The government rescued Fannie and smaller sibling Freddie Mac after they suffered huge losses from risky mortgages in the housing market bust.