Mortgage giant Fannie Mae reported $17.2 billion for net income in 2012, its largest annual profit ever, The Wall Street Journal reports.

The housing market’s recovery is leading to fewer loans going bad, which is in turn helping Fannie see rising profits. Timothy Mayopoulos, Fannie’s chief executive, said he expects Fannie to “remain profitable for the foreseeable future.”

In the fourth quarter of 2012, Fannie posted a $7.6 billion profit. That’s compared to one year earlier, in which the mortgage giant posted a net loss of $2.4 billion.

Fannie officials say they expect to post a large gain for earnings in the first-quarter of 2013, which it will report next month.

Fellow government-sponsored enterprise, Freddie Mac, also reported its own record profit for 2012: $11 billion last year.

Fannie and Freddie have received $187.5 billion from the U.S. Treasury when taxpayer bailout money was needed to keep the GSEs afloat as distressed properties were surging. Fannie Mae and Freddie Mac now send nearly all their profits to the U.S. Treasury. “As a result, they have gone from being a major drain on the government’s coffers to a significant potential source of revenue,” The Wall Street Journal reports.

Source: “Fannie’s Windfall Blurs Debate Over Its Fate,” The Wall Street Journal (April 2, 2013)

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Will Nesbitt

View posts by Will Nesbitt
Will is the principal broker of Nesbitt Realty and Condo Alexandria. He is licensed in anywhere in the Commonwealth of Virginia, but focuses on those communities found in and around Alexandria, Arlington, Mount Vernon and Springfield/Franconia. Will has been involved in real estate management, sales and investment for more than twenty years. He is a veteran of the U.S. Army. While in the army, he studied Russian at Monterey's Defense Language Institute. He is also a "veteran of the dotcom wars" and built most of the sites associated with NesbittRealty.com Will currently resides in Belle Haven Estates just outside Old Town, overlooking New Alexandria. He is a former president of the Mount Vernon Youth Athletic Association and founded the Alexandria Fun with Friends Group. Will is the author of BattlestorM, a tabletop fantasy game, which was published by Ral Partha Publishing in the late '90's, and Arthur's Realm, a boardgame available at the Gamecrafter.