Nov 6, 2014 7:46 AM
Fannie Mae posts $3.9B profit in 3Q
The Associated Press
WASHINGTON (AP) Mortgage giant Fannie Mae is reporting net income of $3.9 billion for the July through September period.
It was the 11th straight profitable quarter for the government-controlled company. But the third-quarter profit was down 55 percent from $8.7 billion a year earlier.
Earnings for Fannie and its smaller sibling Freddie Mac can fluctuate widely due to changes in interest rates and home prices.
Washington-based Fannie also said it will pay a dividend of $4 billion to the U.S. Treasury next month. With its previous payments totaling $134.5 billion, Fannie has more than fully repaid the $116 billion it received from taxpayers.
The government rescued Fannie and Freddie in September 2008 at the height of the financial crisis.