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News Summary: Fannie posts $2.2B net income in 2Q

Source : AP
Last Updated: Wed, Aug 08, 2012 17:46 hrs

: Mortgage giant Fannie Mae reported it earned $2.2 billion from April through June, its second quarterly gain in net income since being taken over by the government during the 2008 financial crisis.

HIGHER HOME PRICES: Fannie attributed the gain to improving home prices and fewer mortgage delinquencies. The company said it paid a dividend of $2.9 billion to the Treasury Department and sought no additional federal aid for the quarter.

BIG BAILOUT: Taxpayers have spent about $170 billion to rescue Fannie and smaller sibling Freddie Mac, which veered toward collapse in 2008 after piling up massive losses on risky mortgages.




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