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Fannie Mae Posts Record Income

Posted on 4/3/2013

Fannie Mae earned a record $17.2 billion in net income in 2012 and a record $7.6 billion in the fourth quarter, the company said yesterday. It also returned $11.6 billion in dividends to the Treasury Department.

The dramatic improvement over 2011, when the company had a net loss of $16.9 billion, was attributed primarily to lower serious delinquency rates, higher home prices and sales prices on Fannie-owned properties, and a legal settlement with Bank of America.

"We have taken a number of actions since 2009 to manage our legacy book of business, build a healthy new book of business with responsible underwriting standards, price appropriately for risk, and reduce uncertainty by resolving outstanding issues," said Fannie CEO Timothy Mayopoulos.

Susan McFarland, the company's CFO, added that the company expects to "remain profitable for the foreseeable future and return significant value to taxpayers."

To read more visit: http://fanniemae.com/resources/file/ir/pdf/quarterly-annual-results/2012/q42012_release.pdf



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