Fannie Mae on Wednesday reported a quarterly profit due to stronger home prices and said the mortgage financier did not need additional taxpayer funds to stay solvent, the second consecutive quarter the company did not request help since it was seized by federal authorities during the financial crisis.
Fannie Mae, which buys mortgages from lenders and repackages them as securities for investors, said it earned $5.1 billion for the second quarter ending in June, enough to keep the company afloat and make a required $2.9 billion dividend repayment to the U.S. Treasury.
Source: Reuters. Read full article. (link)