Fannie Mae posts profit, abstains from new U.S. aid

(Reuters) - Fannie Mae (FNMA.OB), the largest backer of loans in the U.S. housing market, posted a profit on Wednesday and said it would not need more taxpayer aid for the first time since the height of the financial crisis in late 2008, when it was rescued by the government.

In a new sign that the U.S. housing market is on the mend, the mortgage giant posted a first-quarter profit of $2.7 billion. That was its best performance since being pushed to the verge of collapse by the U.S. housing crash and the surge in bad debts on its books.

Fannie Mae said it paid the Treasury $2.8 billion in dividends to the government, which owns nearly 80 percent of the firm.

The company has drawn a total of $117.1 billion in federal aid, fueling criticism from Republicans who want to end the taxpayer bailout and scale back the government's footprint in the mortgage market. So far, Fannie Mae has paid back $22.6 billion in the form of dividend payments to the Treasury.

Read Full News


Resources for YOU:

• Personal Loans For Bad Credit
• Secured Credit Cards
• Payday Loans