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Fannie earns $7.6B in Q4, biggest quarterly gain

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Fannie earns $7.6B in Q4, biggest quarterly gain
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WASHINGTON (AP) -- Mortgage giant Fannie Mae earned $7.6 billion from October through December, the biggest quarterly profit in its history. The gain was driven by an improving housing market that has lifted home prices and a $3.6 billion legal settlement with Bank of America.

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The government-controlled company sought no additional federal aid.

For all of 2012, Fannie says it earned $17.2 billion and paid dividends of $11.6 billion to the U.S. Treasury. The company says it expects to remain profitable "for the foreseeable future."

Taxpayers spent $116 billion to rescue Fannie during the financial crisis. The company has so far paid back $35.6 billion.

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Associated Press
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