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Fannie Mae to pay $59.4 billion to U.S. Treasury

  • Fannie Mae said on Thursday it is to pay $59.4 billion in dividends to the US Treasury.

    The announcement comes after the US federal mortgage agency posted stellar profits in the first quarter of this year.

    The record $58.7 billion net profit includes a rise of $50.6 billion following the reversal of an earlier writedown of tax benefits.

    Last year, Fannie Mae made a profit of just $2.7 billion.

    The U.S. government bailed out Fannie Mae and rival Freddie Mac during the global financial crisis in 2008.

    After the latest tranche, Fannie Mae will have paid back $95 billion of the $116 billion it received.

    Tagged as: Fannie Mae, U.S. Treasury, Washington news, Fannie Mae to pay $59.4 billion