Mortgage guarantor Fannie Mae (FNMA.OB) reported sharply higher pre-tax income of $8.1 billion for the first quarter, versus $2.7 billion a year ago, helped by strong credit results and higher revenue. Including Fannie Mae's release of the valuation allowance on its deferred tax assets, quarterly net income jumped to $58.7 billion, from $2.72 billion in the 2012 first quarter.
Net revenues totaled $6.87 billion in the recent period, up from the prior year's $5.57 billion.
In addition, the company said it expects to recognize pre-tax income in future periods relating to a separate resolution deal with Bank of America on compensatory fees. Fannie Mae's pre-tax income for the quarter was impacted by its resolution agreement with Bank of America related to repurchase requests.
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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.