Fannie Mae Earns $5.1B In Q2 Net Income

Posted by Orb Staff on August 08, 2012 No Comments
Categories : Residential Mortgage

12154_fannie_mae_logo Fannie Mae Earns $5.1B In Q2 Net Income Fannie Mae has reported net income of $5.1 billion in the second quarter of this year, up from $2.7 billion in the first quarter.

The government-sponsored enterprise credits its financial results to credit-related income, resulting primarily from an improvement in home prices, improved sales prices on its real estate owned properties, and a decline in its single-family serious delinquency rate. As a result, Fannie Mae's comprehensive income of $5.4 billion in the second quarter is sufficient to pay its second-quarter dividend of $2.9 billion to the U.S. Department of the Treasury.

‘Better market conditions and our actions to strengthen Fannie Mae's new business and limit losses from the company's legacy business contributed to positive second-quarter results,’ says Timothy J. Mayopoulos, Fannie Mae's president and CEO. ‘While it is too early to declare a national housing recovery, and our results for the second half of 2012 may not be as strong as the first half, we expect our financial results in 2012 to be substantially better than the past few years.’

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