BofA Buyback Agreement, Growing High Quality Book of Business Help Propel Fannie Mae to Record 2012 Earnings
April 4, 2013
Fannie Maes long-awaited year-end 2012 earnings report revealed record-setting profit for the government-sponsored enterprise on both a quarterly and yearly basis, due in part to the companys loan buyback resolution agreements with Bank of America and a single-family book of business thats outgrowing its legacy losses. Fannie reported net income this week of $17.2 billion for 2012, compared to a net loss of $16.9 billion in 2011, while the company reported fourth quarter earnings of $7.6 billion. We have taken a number of actions since 2009 to manage...[Includes one data chart]