WASHINGTON (AP) – Mortgage giant Fannie Mae posted net income of $1.1 billion for the first quarter, down from a year ago as declining interest rates reduced the value of the financial instruments it uses to hedge against rate swings.
The results announced Thursday for the January-through-March period marked the 17th straight profitable quarter for the government-controlled company. The first-quarter profit compared with net income of $1.9 billion a year earlier.
Washington-based Fannie is paying a dividend of $919 million to the U.S. Treasury next month. Fannie will then have paid a total $148.5 billion in dividends, exceeding the $116 billion it received from taxpayers during the financial crisis.
The government rescued Fannie and smaller sibling Freddie Mc at the height of the crisis in September 2008.