Fannie Mae, the mortgage giant, made a record $17.2 billion in 2012. So far, it has paid back $36 billion of the $116 billion it received in a US bailout.
Manuel Balce Ceneta/AP/File
The mortgage giant Fannie Mae said it racked up its highest profit ever during the 2012 calendar year – a signal of housing-market recovery that raises hopes that US taxpayers will recover billions of dollars in bailout funds from the company.
Fannie Mae on Tuesday reported earnings of $17.2 billion for the year.
The firm, along with a sibling corporation named Freddie Mac, is at the heart of a US mortgage market that imploded during the financial crisis. The two firms received some of the biggest taxpayer bailouts in 2008.
But now, as housing markets are recovering, so are their fortunes.
Fannie Mae has drawn some $116 billion in financial support from the US Treasury since the firm was taken over in a federal conservatorship in 2008. Some $35.6 billion of that has, in effect, been paid back through dividend payments to the Treasury since 2009.
The company has paid a $4.2 billion dividend to the Treasury in the first quarter of 2013.