Fannie Mae in reporting net income of $1.8 billion in the third quarter of 2012 from $5.70 billion in net revenue compared to a net loss of $5.1 billion on $5.78 billion in revenue in the third quarter of 2011. Thus far in 2012 the company has reported $9.7 billion in net income and expects to post positive returns for the entire year for the first time since 2006. The company has been operating under federal conservatorship since September 2008.
The higher net income was the result of lower credit-related expenses which the company attributed to an increase in actual and expected home prices, higher sales prices on its real estate owned (REO) properties, and a decline in fair value losses. Credit related expenses were $2.03 billion compared to $4.89 billion one year earlier and the company reported comprehensive income of $2.6 billion in the third quarter of 2012.
Read more...Fannie Mae Expects Positive Financial Results for Year via Mortgage News Daily
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