Mortgage guarantor Fannie Mae (FNMA.OB) reported net income of $7.6 billion for the fourth quarter of 2012, compared to a net loss of $2.4 billion for the fourth quarter of 2011. Net revenues were $5.9 billion for the fourth quarter of 2012.
For 2012, the company reported net income of $17.2 billion for 2012, compared with a net loss of $16.9 billion for 2011.
The improvement in the company's full-year and quarterly net income was due primarily to improved credit results driven by a decline in serious delinquency rates, an increase in home prices, higher sales prices on Fannie Mae-owned properties, and the company's resolution agreements with Bank of America.
Net income attributable to common stockholders for the year was $1.40 billion, compared to a loss of $26.47 billion in the prior year. On a per share basis, net income was $0.24, compared to a loss of $4.61 per share last year.
Annual net revenues increased to $22.99 billion from last year's $20.44 billion.
"Our financial results improved significantly in 2012 and we expect our earnings to remain strong over the next few years," said Timothy J. Mayopoulos, president and chief executive officer.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.