Mortgage Market Improving, Fannie Mae Posts Record Profit
Mortgage News > Mortgage Market Improving, Fannie Mae Posts Record Profit
Many signs of the mortgage market improving are becoming more evident; home values are up and more consistent, foreclosure rates are down, and new home construction is on the rise. Among these signs is the amount of profit Fannie Mae reported last year.
Fannie Mae reported its largest profiting year ever last year despite the $11.6 billion in dividends to the U.S. Treasury. Yearend reports stated that Fannie Mae earned $17.2 billion which in turn allowed the mortgage mogul to close the year without receiving aid from the federal government.
Of the $116 billion Fannie Mae has received in government aid, they have repaid $35.6 billion of tax-payers money.
The Associated Press said “The speed of Fannie's resurgence is a testament to a much healthier U.S. mortgage market.”