Mortgage giant Fannie Mae posts record $58.7B net income for Q1; paying $59.4B dividend

Canadian Press, The Canadian Press
0 Comments| May 9, 2013


WASHINGTON - Mortgage giant Fannie Mae earned a record $58.7 billion from January through March, benefiting from a one-time accounting move that allowed the company to lower its tax liability.

Fannie reported Thursday that $50.6 billion of its first-quarter net income came in part from losses on delinquent mortgages incurred during the housing crisis that Fannie applied to its 2013 taxes. That helped reduce what the company owed in taxes, and boosted its profit.

© The Canadian Press, 2013


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