WASHINGTON (8/9/13)--Fannie Mae's second quarter financial results filed with the Securities and Exchange Commission show net income of $10.1 billion, marking the sixth consecutive quarterly profit for the conserved government-sponsored enterprise (GSE).
Fannie Mae said it will pay $10.2 billion in dividends to the U.S. Treasury as it continues to settle debts incurred following the 2008 government conservatorship. The GSE will have paid $105 billion in dividends to the Treasury when this latest payment is made in September. That is against a cumulative draw from Treasury of $116.1 billion.
Fannie Mae's results are attributed to continued stable revenues, boosted by a significant increase in home prices in the quarter, Fannie Mae said. The company expects to remain profitable for the foreseeable future.
Fannie Mae in its quarterly financial statement said it has "devoted significant resources toward helping to build a new housing finance system for the future," including pursuing the strategic goals identified by its conservator, the Federal Housing Finance Agency.
A range of housing finance policy changes are being considered by the U.S. House, the Senate, and the Obama administration, and the winding down of Fannie Mae and fellow GSE Freddie Mac is a consistent theme in all three plans.
As these plans are discussed, the Credit Union National Association continues to emphasize that consumers are increasingly choosing credit unions as their mortgage lenders and that it is critical credit unions have fair and readily available access to a functioning, well-regulated secondary market that accommodates their members' demand for long-term, fixed-rate mortgages.
CUNA has also identified maintaining widespread access to safe, responsible financing like the 30-year fixed rate mortgage as a priority.