Fannie Mae Reports Profits, Won't Need Tax Money
Second quarter in a row lender didn't need bailout to stay solvent.
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.
Hide Comments (0)
Editor's Note: As of February 29, 2024, commenting privileges on reason.com posts are limited to Reason Plus subscribers. Past commenters are grandfathered in for a temporary period. Subscribe here to preserve your ability to comment. Your Reason Plus subscription also gives you an ad-free version of reason.com, along with full access to the digital edition and archives of Reason magazine. We request that comments be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of reason.com or Reason Foundation. We reserve the right to delete any comment and ban commenters for any reason at any time. Comments may only be edited within 5 minutes of posting. Report abuses.
Please
to post commentsMute this user?
Ban this user?
Un-ban this user?
Nuke this user?
Un-nuke this user?
Flag this comment?
Un-flag this comment?