Skip to comments.Fannie Mae Reports Its Biggest Profit In History, And It Has Written A Gigantic Check To Taxpayers
Posted on 04/02/2013 6:59:20 AM PDT by SeekAndFind
Fannie Mae — the much-hated, government-backed entity that needed a massive bailout and gets accused of inflating the housing bubble -- just reported its biggest annual profit in history.
From the announcement that came out this morning:
Fannie Mae (FNMA/OTC) today reported annual net income of $17.2 billion for 2012 and quarterly net income of $7.6 billion for the fourth quarter of 2012, compared with a net loss of $16.9 billion for 2011. The improvement in the company’s full-year and quarterly net income was due primarily to improved credit results driven by a decline in serious delinquency rates, an increase in home prices, higher sales prices on Fannie Mae-owned properties, and the company’s resolution agreements with Bank of America.
So the comeback that we're seeing around the country in housing and credit is benefiting Fannie Mae big time.
What's more, the company is paying back the government for the huge bailout it got.
You can see in this chart that in 2012 it cut a gigantic $11.6 billion check to the Treasury, as it pays back its bailout.
(Excerpt) Read more at businessinsider.com ...
Wow, they’ve paid back less than a third of what they sucked out of the Treasury. And the only reason they are profitable is because the Fed is printing so much money, hosing savers and driving up the cost of living.
Color me unimpressed.
It’s April 2nd. Enough of the April Fools stuff.
Now is the time to sell off Fannie Mae, Freddie Mac, and the damned FHA to private companies so that the 2008 Housing Fannie Bubble can never happen again.
It is nice to be in a business where you can force your competitors to add costs to your customers for the privilege of being allowed to do business.
Ok, this came from Fannie Mae. Like I trust them. NOT.
Next time you might want to consider using a credit union.
Many of those do not sell the mortgage, especially if you have a lot of equity.
I have found in this area(New England) the credit unions have been more aggressive on mortgage rates than most of the banks. They also retain the servicing in house even if they actually sell the note.
I'm one of the (dwindling number of) taxpayers. I don't remember getting a check.
Oh, by "to taxpayers" they mean to the federal government.
So, we can expect our taxes to go down, right? Right?
Yep. And I expect that soon the top Fannie Mae executives will be awarded million-dollar "performance bonuses."
It is just a gigantic government backed scam.
Get low interest money from the government that allows them to drive compettitors out of business.
Loan money out at a mark-up.
Get taxpayers to cover bad loans.
Fro me a “gigantic” check to the taxpayers would be on the order of trillions. How deep is the Social Security hole?
You mean little Sushi and Malaria?
Can we assume he’s still getting his wallet filled with kickbacks from Fanny? Remember, as a junior senator, his wallet was the 2nd most lined from them.
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