Monday, February 28, 2011

Fannie & Freddie Still Have A Long Way To Go!

Amplify’d from

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.

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.


No comments: