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Fannie Mae to pay feds $1.8B after first-quarter profit

Posted by   /  May 7, 2015  /  No Comments

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fannie maeBy Clea Benson and Jody Shenn | Bloomberg

Fannie Mae, the mortgage-finance company operating under U.S. conservatorship, will pay the Treasury Department $1.8 billion after reporting net income of $1.9 billion for the first quarter.

The company, which was seized along with smaller rival Freddie Mac during the credit crisis in 2008, will have returned $138.2 billion to the federal government after it makes the payment next month, according to a regulatory filing Thursday.

“This was another quarter of strong financial performance,” Timothy J. Mayopoulos, Fannie Mae’s chief executive officer, said in a statement. “While we experienced some interest rate volatility again this quarter, we expect to remain profitable on an annual basis for the foreseeable future.

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