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News Summary: Fannie earned record $58.7B in Q1

(AP) - RECORD PROFIT: Mortgage giant Fannie Mae earned a record $58.7 billion from January through March, helped by a stronger housing market and a one-time tax maneuver.

TAX MOVE HELPS: Nearly $51 billion of the first-quarter profit came in part from tax credits it had saved from its losses on delinquent loans suffered during the crisis. The company also reported earning roughly $8 billion before taxes, largely because of the housing recovery.

PAYING DIVIDEND: Fannie said it will pay a dividend of $59.4 billion to the U.S. Treasury next month. Once that's paid, Fannie will have repaid $95 billion of the roughly $116 billion it received during the financial crisis.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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