Washington-based Fannie Mae, which has operated under federal conservatorship since 2008, had net income of $5.3 billion for the three months ended March 31, according to a regulatory filing today.
Fannie Mae and Freddie Mac, which have reported record profits after a taxpayer bailout, are ignoring billions of dollars in potential losses on delinquent loans as they take three years to adopt a new accounting system.
Freddie Mac, the U.S.-owned mortgage financier, will pay $4.4 billion to the Treasury Department after continued housing-market improvements allowed the company to post a seventh consecutive profitable quarter.
Fannie Mae, the mortgage financier seized by U.S. regulators during the credit crisis, reported the largest annual profit in company history as a housing rebound helped wean the firm from federal aid.
