WASHINGTON, DC—Both Fannie Mae andFreddie Mac have posted profits for the firstquarter of 2014; however these profits have been made heftierthanks to settlement of litigation with banks over certainmortgage-backed securities they issued before the start of thefinancial crisis.
Freddie Mac reported net income of $4billion for the period, its tenth consecutive quarterlyprofit. The GSE received $4.9 billion from the settlements.
As GlobeSt.com reported earlier, Fannie Mae reported net income of $5.3 billion for thefirst quarter of 2014, its ninth consecutive quarterly profit.About $4.1 billion of its revenues came from legal settlementsrelating to private-label securities lawsuits.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
