Fannie Mae will not need funds from the US Treasury for the first quarter since its 2008 bailout, stoking hopes of an end to the property market downturn.
The agency, the largest provider of mortgage credit in the US, reported a $3.1bn profit in the first quarter, more than offsetting its required $2.8bn dividend payment to taxpayers as a result of its rescue. Fannie Mae owes the Treasury more than $117bn.
Susan McFarland, Fannie Mae’s chief financial officer, said the company now expected results for the year to be “significantly better” than 2011.
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