Fannie Mae posts biggest profit since 2007 via latimes.com

In a potential turning point for one of the biggest financial crisis bailouts, Fannie Mae reported a first-quarter profit and — for the first time since the government seized it in 2008 — does not need a quarterly infusion of taxpayer money.

The $2.7-billion profit that the giant housing finance company posted Wednesday was its largest since the housing bubble burst in 2007 and is another signal that the real estate market finally might have hit bottom.

"It's always hard to call a turn until everything is in the rear-view mirror," said Susan McFarland, Fannie Mae's chief financial officer. "It's certainly a positive indication that if we haven't turned the corner, we're pretty darn close to turning the corner because you now can see the earnings potential of the company and our ability to repay the taxpayer."

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