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""Fannie Mae's"":http://www.fanniemae.com/portal/index.html second-quarter profits nearly doubled year-over-year, the GSE reported.
[IMAGE]The company reported Thursday net income of $10.1 billion in Q2 2013 compared to $5.1 billion for Q2 2012. It was the sixth consecutive quarter of profit for Fannie Mae.
Comprehensive income totaled $10.3 billion, again nearly double that of the same quarter last year ($5.4 billion).
According to the enterprise's earnings report, the second-quarter's strong numbers were ""driven primarily by continued stable revenues and boosted by a significant increase in home prices in the quarter, which resulted in a reduction in the company's loss reserves.""
The yearly improvement was also helped primarily by gains on the company's assets recorded at fair value (due to increases in interest rates) and an increase in credit-related income.
As of June 30, Fannie Mae's net worth was reported at $13.2 billion--$10.2 billion of which will go to Treasury as dividends, bringing aggregate dividends payments to approximately $105 billion. Under the terms of the GSEs' bailout, each must maintain a reserve of $3.0 billion, with any amount over that threshold going to the government.
Fannie Mae's report came one day after Freddie Mac released ""its own earnings"":http://dsnews.comarticles/freddie-records-2nd-largest-profit-in-its-history-2013-08-07, revealing a profit of $5.0 billion--the second largest in its history.
