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Fannie Mae doesn't need taxpayer aid for 1st time in about 4 years

Topic: Mortgage

Something happened in the first quarter at government-run mortgage giant Fannie Mae (FNMA.htm">FNMA) that hasn't happened since 2008: it didn't ask for a taxpayer handout.

Fannie Mae reported a $2.7 billion first-quarter profit Wednesday, versus a net loss in the same quarter last year of $6.5 billion. The company's comprehensive income of $3.1 billion was enough for Fannie Mae to pay the government a first-quarter dividend of $2.8 billion for its stake in the mortgage company.

Fannie Mae has been requiring taxpayer help to stay afloat since the third quarter of 2008, when the government took over Fannie Mae and its sister company Freddie Mac amid the financial crisis.

"The significant improvement in the company’s financial results in the first quarter of 2012 was due primarily to lower credit-related expenses, resulting from a less significant decline in home prices, a decline in the company’s inventory of single-family real estate owned (“REO”) properties coupled with improved REO sales prices, and lower single-family serious delinquency rates," Fannie Mae said in a statement.


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They can't take it from another bank ancuoct unless you provide them with that information. However, you need to find a quick way to pay the mortgage before the bank calls in the loan. In other words, they can demand all the remaining mortgage you owe on the house and if you can't come up with it, they could start foreclosure proceedings. Good luck.
read more... 03/28/2013

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