$2.7B Quarter Prompts Fannie To Spurn Treasury Funding

Law360, New York (May 9, 2012, 5:20 PM EDT) -- Fannie Mae said Wednesday that it had earned $2.7 billion in net income in the first quarter of 2012 and wouldn’t seek any additional funding from the U.S. Treasury Department, the first time that’s happened since the troubled mortgage giant was placed into conservatorship in 2008.

Fannie Mae said its comprehensive first-quarter income of $3.1 billion was sufficient to cover a $2.8 billion dividend payment to the Treasury Department, which bailed out Fannie Mae in September 2008. The company suffered a net income loss of $2.4...
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