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Profits Improve at Fannie Mae

Quarterly earnings improved at the Federal National Mortgage Association. Its profitability left it owing a dividend payment to the Department of the Treasury.

The Washington-based organization disclosed in its first-quarter earnings report pre-tax income of $5.4 billion during the first-three months of this year.

Fannie Mae’s income
improved upon the $4.2 billion earned in the same period last year. It was also better than the $5.0 billion earned in the final-three months of 2017.

The
secondary mortgage lender said it provided $124 billion in liquidity to mortgage market during the most-recent quarter including $113 billion for single-family and $11 billion for multifamily. The funding financed 638,000 housing units that consisted of 154,000 apartment units, 252,000 single-family purchases and 232,000 single family refinances.

With a net worth of $3.7 billion as of year-end 2017, Fannie said it expects to pay $938 million in dividends to thee Treasury Department by June 30 — leaving it with $3 billion in capital.

The government-controlled enterprise has paid out $166.4 billion in dividends to the Treasury since being placed in conservatorship in 2008, while its cumulative draws stand at $119.8 million.

As of Jan. 31, there were 7,200 people on Fannie’s payroll, according to a recent filing with the Securities and Exchange Commission.

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