Fannie Mae Makes Profit, Skips Taxpayer Funds
Fannie Mae said that it "remained the largest single issuer of mortgage-related securities in the secondary market in the first quarter of 2012, with an estimated market share of new single-family mortgage-related securities issuances of 51 percent, compared to 54 percent in the fourth quarter of 2011 and 49 percent in the first quarter of 2011."
The company purchased $221 billion in mortgage loans during the first quarter.
Fannie's first-quarter net interest income totaled $5.2 billion, increasing from $4.2 billion in the fourth quarter and $5.0 billion in the first quarter of 2011. Total credit expenses declined to $2.3 billion in the first quarter, from $5.5 billion the previous quarter and $11.0 billion a year earlier.
-- Written by Philip van Doorn in Jupiter, Fla.
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