Stellar quarterly earnings reports by Fannie Mae and Freddie Mac underline that the GSEs are nearing a key benchmark: full repayment of the close to $188 billion the federal government was forced to inject in them during the housing crisis. Freddie Mac reported a third-quarter profit of $30.5 billion and plans to return $30.4 billion to the Treasury. Fannie Mae posted a $8.7 billion profit for the quarter and is sending $8.6 billion of that to Treasury.
The GSEs are understandably proud of their performance. Said Fannie Mae's president and CEO, Tim Mayopoulos during the earnings call: "As you can see from the numbers, we've had another terrific quarter. I'm very pleased with our performance. And our results are really evidence of the quality of our business and proof that the measures we've taken over the past few years have righted the ship."
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