1 Updates

US mortgage giants report strong profits

Nov 7 2013, 11:32pm CST | by IANS

Washington, Nov 8 (IANS) American mortgage providers -- Freddie Mac and Fannie Mae -- Thursday posted strong profits in the third quarter of the year as the housing market continued to recover.

Washington, Nov 8 — American mortgage providers -- Freddie Mac and Fannie Mae -- Thursday posted strong profits in the third quarter of the year as the housing market continued to recover. Freddie...

Filed under: news

Full Story below YouTube Videos

 
 

 

23 weeks ago

US mortgage giants report strong profits

Nov 7 2013, 11:32pm CST | by IANS

Washington, Nov 8 (IANS) American mortgage providers -- Freddie Mac and Fannie Mae -- Thursday posted strong profits in the third quarter of the year as the housing market continued to recover.

Washington, Nov 8 — American mortgage providers -- Freddie Mac and Fannie Mae -- Thursday posted strong profits in the third quarter of the year as the housing market continued to recover.

Freddie Mac reported a pre-tax income of $6.5 billion for the third quarter, the eighth consecutive quarter of positive earnings and the second largest in the company's history, reported Xinhua.

That was boosted by gains on securities in the company's mortgage-related investment portfolio and gains on multifamily mortgage loans, the government sponsored enterprise said in a statement.

Fannie Mae disclosed that it earned $8.7 billion from July to September, compared with $1.8 billion in the same period a year ago. That was the company's seventh consecutive quarterly profit, which was primarily driven by stable revenues and credit-related income as house prices continued to rise in the third quarter.

The two mortgage giants asked for $187.4 billion in aid from the US government and were put under conservatorship after suffering heavy losses from the collapse of the subprime mortgage market in 2008.

Now the two companies have benefited a lot from an improving US housing recovery that began in early 2012, and in that year both companies posted their first annual profits since 2006.

After reporting strong earnings in the third quarter of 2013, the mortgage giants will pay the US government $39 billion next month, boosting their total returns to $185.2 billion, close to pay off their taxpayers' aid.

The two companies own or guarantee about half of all mortgages in the US, or nearly 31 million home loans. Along with other federal agencies, they backed nearly 90 percent of new mortgages over the past few years.

IANS

Source: IANS

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

Pebble Is Winning The Wearables War and What That Means For The iWatch
Some suggestive data indicates that the Pebble smartwatch, which sold 400,000 units in 2013, has the most staying power of the first batch of consumer wearables. null Want a clear indication that what these numbers show...
 
 
Sberbank Denies Funding Pro-Russia 'Terrorists' In East Ukraine
As chapters in the Russia-Ukraine political drama unfold, Russia’s largest bank takes center stage. Sberbank, Russia’s largest, is being investigated by Ukraine’s Attorney General for allegedly paying Ukrainian soldiers...
 
 
Cyphort Adding Context To Advanced Malware Detection
Cyphort Adding Context To Advanced Malware Detection
This series of articles and the accompanying videos are part of an ongoing project to illuminate the people, products, and vendors that make up the IT security industry. The vendors paid a fee to cover the expense of...
 
 
Hearthstone vs. Rollercoaster Tycoon 4: The Battle For The Soul Of Mobile Games
It’s been an interesting month for mobile games, one that I believe clearly illustrates a split for the scene with the release of two high profile games, Blizzard’s Hearthstone and Atari’s RollerCoaster Tycoon 4....
 
 
 

Latest from the Network

Melissa Joan Hart: Celebrity pressure is gym motivation
Melissa Joan Hart admits the pressure of being a celebrity encourages her to go to the gym. The 38-year-old actress - who gained 60lbs while pregnant with her third child in 2012 - recently lost a dramatic 40lbs and...
Read more on Celebrity Balla
 
iPad Sales Predicted to Decrease in Q2 2014
The iPad might be unable to generate a blockbuster sale in the second quarter of 2014, as a new report claims that the device might experience a declined sale in the specific period.The report has been published by...
Read more on Apple Balla
 
New Photos Reveal the iPad Air 2 with Integrated Front Panel and Display
The next model of iPad Air might get a thinner shape, as a number of photos reveal that the device will include its front panel integrated with the display, rather than being separated.The photos have been unveiled by...
Read more on Apple Balla
 
Pebble Is Winning The Wearables War and What That Means For The iWatch
Some suggestive data indicates that the Pebble smartwatch, which sold 400,000 units in 2013, has the most staying power of the first batch of consumer wearables. null Want a clear indication that what these numbers show...
Read more on Business Balla
 
Sberbank Denies Funding Pro-Russia 'Terrorists' In East Ukraine
As chapters in the Russia-Ukraine political drama unfold, Russia’s largest bank takes center stage. Sberbank, Russia’s largest, is being investigated by Ukraine’s Attorney General for allegedly paying Ukrainian soldiers...
Read more on Business Balla
 
Cyphort Adding Context To Advanced Malware Detection
This series of articles and the accompanying videos are part of an ongoing project to illuminate the people, products, and vendors that make up the IT security industry. The vendors paid a fee to cover the expense of...
Read more on Business Balla
 
Hearthstone vs. Rollercoaster Tycoon 4: The Battle For The Soul Of Mobile Games
It’s been an interesting month for mobile games, one that I believe clearly illustrates a split for the scene with the release of two high profile games, Blizzard’s Hearthstone and Atari’s RollerCoaster Tycoon 4....
Read more on Business Balla
 
Insurers Fret Hepatitis C Pill Costs Along With Obamacare
As health insurance companies reveal much anticipated first-quarter earnings, it’s the unpredictable impact from the five-figure cost of new Hepatitis C treatments that are the subject of as much  Wall Street worry as...
Read more on Business Balla
 
Friday Box Office: 'Heaven Is For Real' Earns $7.85M, Johnny Depp's 'Transcendence' Flops
Heaven Is For Real is to The Grudge as God’s Not Dead is to The Ring. As the first major Christian-centric film to drop after the surprisingly successful God’s Not Dead, Heaven Is For Real got to capitalize on being the...
Read more on Business Balla
 
The Wealthiest Are Getting Wealthier Three Times Faster Than Any Other Group
The denizens of Forbes’ 400 Rich List and Billionaire’s Row would have been ecstatic yesterday when French economist Thomas Piketty, much-heralded author of “Capital in the Twenty-First Century” made his debut at the...
Read more on Business Balla
 
 
Auto Balla Sexy Balla Sport Balla TV Balla Politics Balla Movie Balla Apple Balla Business Balla Ad Balla Celebrity Balla