Fannie Mae, the largest U.S. mortgage finance company, said on Thursday its second-quarter profit nearly doubled to $10.1 billion, triggering another big payment to the U.S. Treasury that could complicate the debate over revamping Fannie and its smaller sibling, Freddie Mac….
Fannie Mae said it will make a $10.2 billion dividend payment in September to the U.S. Treasury for its rescue aid. After that payment, which comes on the heels of nearly $60 billion Fannie sent to the government last quarter, it will have paid about $105 billion in dividends to the Treasury, roughly 90 percent of the $117.1 billion in taxpayer assistance.
Meanwhile, Freddie Mac, which on Wednesday reported its second-largest profit ever, $5 billion, will be sending Treasury a $4.4 billion check next month. That will bring its running total to about $41 billion, or close to 60 percent of the $71 billion in bailout funds provided to Freddie.
Fannie Mae, Freddie Mac May Not Be The World-Class Businesses Some People Think
This comes as a shock, we know.