Driven for the most part by income from legal settlements Fannie Mae and Freddie Mac saw combined profits of $10.2 billion last quarter,.
Fannie Mae saw net income of $5.3 billion in the first quarter, according to a Reuters report. That includes $4.1 billion from legal settlements over various banks’ sales of mortgage-backed securities. Freddie Mac, meanwhile, posted $4.0 billion, including $4.9 billion from litigation over mortgage-backed securities. The first quarter was Freddie’s 10th consecutive profitable quarter. All told, Fannie and Freddie will return $10.2 billion in first-quarter dividends to the Treasury. By the end of June, the companies will have returned $213.1 billion to the government. The mortgage finance giants got $187.5 billion in government aid after being placed under conservancy at the height of the financial crisis. Under the terms of the conservancy, Fannie and Freddie must turn their profits over to the Treasury as dividend payments.
0 Comments
Leave a Reply. |
Dan GarciaTrevana Properties is a placement company working with a variety of hedge funds, REIT's, commercial banks, specialty boutique lenders, private investors and other funding sources not widely known to the general public. Archives
November 2016
Categories |