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Fannie Mae's payments to government to exceed bailout

English.news.cn   2014-02-22 08:06:59

WASHINGTON, Feb. 21 (Xinhua) -- Fannie Mae will pay the federal government 7.2 billion U.S. dollars in March after posting an eighth consecutive quarterly profit, pushing its total dividend payments above the cost of the 2008 bailout, the company said in its annual report Friday.

The mortgage-finance company, with the March dividend payment, will pay a total of 121.1 billion dollars in dividends to the U.S. government, higher than the 116.1 billion-dollar bailout it has received since 2008.

Caught in the nadir of the housing market crisis, the two mortgage giants, Fannie Mae and Freddie Mac, were bailed out by the U.S. government in September 2008. The Department of Treasury pumped 187.5 billion dollars into the two companies to keep them afloat.

Fannie Mae returned to profit last year, reporting net income of 84 billion dollars in 2013, much higher than that of 17.2 billion dollars in 2012 due to the quick recovery of the U.S. housing market and some deferred tax assets in 2013.

The report expected the company to be profitable for the foreseeable future, but not as good as 2013.

Editor: Mengjie
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