|Fannie Mae Reports A Profit And No Longer Needs Help From The Treasury|
|Wednesday, May 09, 2012 16:31|
Fannie Mae is healthy once again and says it will not need further assistance from the Treasury. Reporting $2.7 billion in net income for the first quarter, the government agency signaled a recovery from the mortgage crisis, pointing to its success in helping homeowners side-step foreclosure.
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Credit performance has improved and Fannie Mae says that credit reserves designed to offset the effects of the crisis have peaked. Not only that, but the agency has begun repaying the $80 billion it owes to the Treasury department from its seizure in 2008 to prevent its collapse.
This is another sign that the economic recovery may, overall, have hope for sustainability despite current market action.