Fannie Mae Turns To Profit In 2016; To Pay $5.5 Bln Dividend To Treasury
WASHINGTON (dpa-AFX) - Fannie Mae (FNMA) reported that its net income attributable to common stockholders for fiscal year 2016 was $77 million or $0.01 per share, compared to a loss of $262 million or $0.05 per share in the prior year.
Fannie Mae's 2016 net income of $12.3 billion increased from $11.0 billion in 2015 due primarily to a shift to credit-related income in 2016 from credit-related expense in 2015 driven by a higher benefit for credit losses and lower foreclosed property expense.
Net revenues were $22.3 billion, compared with $22.8 billion in 2015.
The company expects to pay Treasury $5.5 billion in dividends in March 2017. With the expected March 2017 dividend payment, Fannie Mae will have paid a total of $159.9 billion in dividends to Treasury.
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