Fannie Mae Posts $1.9B Profit in 1Q; Paying $1.8B to Government

(AP) -

Mortgage giant Fannie Mae says it had net income of $1.9 billion for the first quarter. That’s sharply down from the same period a year ago, due to lower fee income.

The results, announced Thursday, for the January-March period marked the 13th-straight profitable quarter for the government-controlled company.

Washington-based Fannie also says it will pay a dividend of $1.8 billion to the U.S. Treasury next month. Fannie will have paid $134.6 billion in dividends, exceeding the $116 billion it received from taxpayers during the financial crisis.

The government rescued Fannie and smaller sibling Freddie Mac at the height of the crisis in September 2008.