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An America drowning in red ink is the land of the free no more
Topic - Timothy J. Mayopoulos
Fannie Mae will return nearly $59 billion to taxpayers after experiencing its best-ever profits last quarter, the mortgage giant announced Thursday.
Fannie Mae, the mortgage finance giant that was bailed out by the federal government five years ago, posted in 2012 its first annual profit since before the housing crisis and the largest in company history.
"I think there is a risk policymakers might look at our profitability and conclude they don't need to take action with respect to housing finance reform," said Fannie Mae Chief Executive Timothy J. Mayopoulos in announcing the quarterly profits. "I think that would be a mistake."
"Our financial results improved significantly in 2012 and we expect our earnings to remain strong over the next few years," Timothy J. Mayopoulos, Fannie Mae's president and CEO, said. "We have taken a number of actions since 2009 to manage our legacy book of business, build a healthy new book of business with responsible underwriting standards, price appropriately for risk, and reduce uncertainty."