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    Posted May 9, 2012 by
    Farmersburg, Indiana
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    Fannie Mae Posts Profit - Doesn't Need Another Bailout


    It  was a shocker this morning to read that mortgage giant Fannie Mae  actually made money the first quarter of this year. Even more shocking  is that it would not follow the trail as Freddie Mac, it's brother  entity, and beat it hat in hand asking Congress for another infusion of  taxpayer money.

    Mortgage giant Fannie Mae reported its first profit since it was taken over by the government during the 2008 financial crisis.

    Instead of seeking additional aid from taxpayers, the company will pay a dividend of $2.8 billion to the Treasury Department.

    Fannie  said Wednesday that it earned net income attributable to common  stockholders of $2.7 billion in the January-March quarter. In the  quarter one year ago, Fannie reported a net loss of $6.5 billion.

    The  company was able to report the gain mostly because it had lower  expenses for its losses. Two key reasons: home price declines have  slowed and fewer mortgages are in serious delinquency.

    The gain also adds to evidence of slow improvement in the home market five years after the housing bubble burst.

    Guess this goes to prove that miracles can happen.

    From the Cornfield, let's all keep our fingers crossed that this trend continues.

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