Fannie Mae Turns a Profit for First Time in Three Years
Fannie Mae has released its fourth-quarter and full-year 2010 earnings results. The GSE reported net income of $73 million for the last three months of 2010, compared to a net loss of $1.3 billion in the third quarter. It’s the first time the company’s been in the black in over three years.
Still, after a hefty $2.2 billion fourth-quarter dividend payment to the U.S. Treasury on stock the GSE turned over to the government in return for bailout money, Fannie Mae had a net worth deficit of $2.5 billion as of the end of last year.
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Upon receiving those funds, Fannie Mae will have drawn a total of $91.2 billion in taxpayer support since placed into conservatorship in September 2008. Of this money, $10.2 billion has been sent directly back to Treasury to pay stock dividends.