Fannie Mae Reports $8.1 Billion in Pre-Tax Income in Q1

Fannie Mae CEO Tim Mayopoulos announced that Fannie Mae’s pre-tax income for the first quarter of 2013 was the largest quarterly pre-tax income in the company’s history at the Housing Policy Council’s 10th Annual meeting in Washington, D.C. The company reported pre-tax income of $8.1 billion for the first quarter of 2013, compared with pre-tax income of $2.7 billion in the first quarter of 2012. “The Fannie Mae report is another indication of the continued increase in the quality of mortgages being originated by the industry today and is a positive sign of the recovery of the mortgage and housing market. It is good news that both Freddie Mac and Fannie Mae are returning money to the taxpayers,” said Housing Policy Council President John Dalton. “It demonstrates that lenders are making good loans with strong underwriting. We hope this new market strength allows a full discussion and progress toward a reformed secondary market structure. Fannie, Freddie and FHA played an important role in stabilizing the market during the recent crisis, but we now need to move forward on a new secondary market system that includes a larger role for private capital, with a more limited and defined government role.”