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(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 This material may not be published, broadcast, rewritten or redistributed.)

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    ThomasV wrote...
    as what..
    August 10, 2012 9:13 pm
    As what I read here, Fannie Mae announced a net income of $5.1 billion in the second quarter of 2012. It is the Federally-run home loan buyer's second straight quarterly gain since government involvement, following the Great Recession. The posting leaves little doubt that the U.S. housing industry is gaining ground.
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