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

YouTube Videos

 
 
 

36 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

47 killed in Taiwan as plane makes botched landing (Roundup)
Taipei, July 23 (IANS) Forty-seven people on board a Taiwanese TransAsia Airways plane were killed in a failed emergency landing in the island county of Penghu Wednesday, Taiwan's transportation authority has confirmed.
 
 
47 killed in Taiwan plane's botched landing
Taipei, July 23 (IANS) Forty-seven people on board a Taiwanese TransAsia Airways plane were killed in a failed emergency landing in the island county of Penghu Wednesday, Taiwan's transportation authority has confirmed.
 
 
51 killed in Taiwan plane emergency landing
Beijing, July 23 (IANS) At least 51 people were killed and seven others injured when a passenger plane with Taiwan's TransAsia Airways made an emergency landing on the outlying island county of Penghu Wednesday, media reported.
 
 
High salt ups heart disease risk in diabetics
Tokyo, July 23 (IANS) People with Type-2 diabetes have more to add to their list of dietary restrictions as researchers have found that a high salt diet may double their risk of developing cardiovascular disease.
 
 
 

Latest from the Network

Toll hits 682 in Gaza Strip
Gaza, July 24 (IANS) The toll in the ongoing Israeli offensive in the Gaza Strip, which started July 8, has grown to 682, authorities said Wednesday. Israeli airstrikes and tank shelling as part of the 'Operation...
Read more on Politics Balla
 
Jennifer Aniston and Sandra Bullock 'best friends'
Jennifer Aniston and Sandra Bullock have reportedly become the ''best of friends''. The 45-year-old star and the 49-year-old actress have struck up a close relationship after meeting at mutual pal Gwyneth Paltrow's...
Read more on Celebrity Balla
 
JWoww 'blacked out' during labor
Jenni 'JWoww' Farley has claimed she ''blacked out'' when she was giving birth to her daughter. The former 'Jersey Shore' star - who was induced 39 weeks into her pregnancy - admits her labor was ''way more painful''...
Read more on Celebrity Balla
 
Lana Del Rey likes 'passionate love'
Lana Del Rey likes to have a ''passionate love''. The 29-year-old singer believes a large proportion of a relationship is based on sex and she admits she isn't interested in romance unless it is ''physical''. Speaking...
Read more on Celebrity Balla
 
Yosemite and Apple’s best Macs yet are reportedly launching this fall
Apple will release the public OS X Yosemite beta on Thursday, with 9to5Mac reporting that the final version will be released as a free download via the Mac App Store at some point in late October, possibly alongside...
Read more on Apple Balla
 
US extends ban on flights to Tel Aviv
Washington, July 24 (IANS) US Federal Aviation Administration (FAA) said Wednesday that all flights of the country's airlines to Tel Aviv will be prohibited for additional 24 hours over concerns on safety situation....
Read more on Politics Balla
 
New Photos Revealed iPhone 6 Lightning/Headphone Flex Cable and Rear Shell
The photos of the components of the iPhone 6 is continuing to be leaked, as the new images unveil lightning and headphone flex cable, accompanied by the rear shell.According to Mac Rumors, the images have been published...
Read more on Apple Balla
 
Next iPad Mini Reportedly Containing 30% Slimmer Shape
The next version of iPad Mini will be thinner than ever, as a new report claims that the device will have 30% slimmer shape than its predecessor.The International Business Times stated that the upcoming iPad Mini 3 will...
Read more on Apple Balla
 
Windows 9: One OS to rule all devices
Unlike Apple, which thinks merging iOS and OS X would be a “waste of energy,” Microsoft wants one single Windows operating system to be available to all its device users, whether they’re Windows Phone handset owners,...
Read more on Apple Balla
 
7 CEOs Who Took A Gamble And Scored
Many of the world’s most successful entrepreneurs got to where they are today by taking strategic gambles that turned into a big payoff. At the time each took their risk, others would have regarded their decisions as...
Read more on Apple Balla