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Fannie and Freddie do well in 4Q 2012

Mortgage News > Fannie and Freddie do well in 4Q 2012
Date: 01/11/2013    Fannie and Freddie do well in 4Q 2012

Mortgage retailers like Fannie Mae and Freddie Mac are expected to end 2012 with a higher profit margin than the country’s big banks. 

Bank of America’s projected fourth quarter earnings in 2012 were around 19 cents a share.  The lending mogul is now projected a rough 2 cents a share.  The plunge in earnings is being attributed to its large $11.6 billion dollar settlement with Fannie Mae earlier last year.

Other lending frontrunners, J.P. Morgan Chase & Co. and Citigroup Inc., experienced a dip in fourth quarter earnings as well due to similar mortgage-related settlements. 

Reuters released data showing that mortgage retailers experienced and 11% gain while the “broader sector” will see only an 8.5% gain.
 

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