Fannie and Freddie face a less profitable future

By Nick Timiraos and Eliot Brown

Fannie Mae FNMA +1.46% and Freddie Mac FMCC +0.74% had another blockbuster quarter and will deliver $10.2 billion in dividends to the U.S. Treasury next month, but earnings reports Thursday hinted that their recent run of profitability could soon moderate as a string of one-time gains fades.

The mortgage-finance firms, which the government seized in 2008 to prevent a broader market meltdown, notched combined first-quarter net income of $9.3 billion, driven by legal settlements with big banks on lawsuits that were filed by the companies’ regulator. Fannie and Freddie reported $4.1 billion and $4.9 billion, respectively, from those settlements.

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May 9, 2014

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