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Fannie Mae reports a $2.7B profit in Q1. Toss in appreciation of its securities holdings...

Fannie Mae reports a $2.7B profit in Q1. Toss in appreciation of its securities holdings and it rises to $3.1B - more than the $2.8B dividend payment due to Treasury - meaning the GSE doesn't have to draw public funds for the 1st time since 2008. Mortgages acquired by Fannie in Q1 averaged a 763 FICO score and a LTV of 70%. The world has changed.
Comments (3)
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    Its a start of getting back to a normal economy.....20% down...good quality borrowers...sounds good to me...now instead of paying bonuses..lets pay back the taxpayer
    9 May 2012, 09:45 AM Reply Like
  • Tony Petroski
    , contributor
    Comments (6373) | Send Message
     
    Whew. This is good news. And the timing is perfect. If things go right (or wrong depending on your perspective), there should be a boatload of sinecures opening up for ex-Obama administration people. Perhaps Eric "My People" Holder will be in line for CEO at 5 mil a year.
    9 May 2012, 10:00 AM Reply Like
  • Buckoux
    , contributor
    Comments (5853) | Send Message
     
    "...there should be a boatload of sinecures..."

     

    You bet there will be! That's one of the moral hazards of GSO's and any kind of governmental "commission" and non-profits. They're just breeding grounds for favoritism. nepotism and corruption. If the NAACP would have been around in the 1860's, Robert. E. Lee would have been appointed CEO as long as he was a Dem.
    9 May 2012, 11:04 AM Reply Like
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