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Fannie Mae Net Revenue in the Billions

Fannie Mae Net Revenue in the Billions Fannie Mae Net Revenue in the Billions

Since the housing bubble burst, federally-controlled mortgage buyer Fannie Mae (FNMA) and biggest burden on U.S. taxpayers, recorded its first annual profit , according to filings released on Tuesday. Fannie reported net income of $17.2 billion for 2012, compared with a loss of $16.9 billion in 2011. During 2012 Fannie paid the U.S. Department of the Treasury $11.6 billion in senior preferred stock dividends. Fannie has drawn a cumulative $116.1 billion from U.S. Treasury and made $31.4 billion in senior preferred stock dividend payments since entering conservatorship on Sept. 6, 2008. Net revenue, which includes items such as guaranty fees, rose to $23 billion in 2012 from $20.4 billion in 2011. An announcement from Fannie regarding the profit, “This change was driven by improvement in the profile of our single-family book of business due to continuing positive trends in the housing market and our ongoing efforts to improve the credit quality of our single-family guaranty book of business.” At the end of 2012, serious delinquency rate for single-family loans reached 3.29% compared to 3.91% in same period for 2011. “As a result of increases in our charged guaranty fee and the larger volume of single-family loans we acquired in 2012, we expect to receive significantly more guaranty fee income on the single-family loans we acquired in 2012, over their lifetime, than on the single-family loans we acquired in 2011,” according to a statement from Fannie officials.

March U.S. sales for automakers was released Tuesday:
Chrysler Group LLC, owned by Fiat SpA: 171,606 units; Year-over-year sales gains led by a 24% jump for the Ram Truck brand.
Ford Motor Co. (F): 236,160 units; Passenger cars 84,611 units; Utility vehicles 68,548; Trucks 83,001; Fusion was best selling unit with 30,284 units; F-series trucks 67,513 units.
General Motors Co. (GM): 245,950 units; retail sales 178,989; Chevrolet brand 173,859 units; Cadillac brand 15,751 units.
Toyota Motor Corp. (TM): 205,342 units.

Michael Sarris, finance minister for Cyprus as well as a lead player in talks with International Monetary Fund and European Union lenders, resigned on Tuesday, saying he completed his task and remains under scrutiny in an investigation into the crisis. His resignation comes after concluding a 10 billion euro bailout deal with international lenders in which Cyprus slashed its dominant banking sector and slammed depositors with losses. "I believe that in order to facilitate the work of (investigators) the right thing would be to place my resignation at the disposal of the president of the republic, which I did," said Sarris. Harris Georgiades, who has held the labor ministry post in Anastasiades's four-week administration will replace Sarris. The deal needs ratification from national EU parliaments and euro zone finance ministers. Christos Stylianides, Cyprus's government spokesman said, "This is a very important development which ends a very long period of uncertainty." Sarris said it was not clear when the remaining capital controls would be lifted, "We would want to ease restrictions the soonest possible, but also have to ensure that stability (in the banking system) prevails." A finance ministry decree on Tuesday, the third since controls were first introduced, raised the ceiling on transactions which do not require central bank approval to 25,000 euros from 5,000 euros. It also permits the use of checks worth up to 9,000 euros per month. A 300 euro per day cash withdrawal limit as well as a 1,000 euro limit on the amount travelers can take overseas, remain in place. Cypriot officials reported that it could take up to a month for restrictions to be fully removed regardless of the decree signed by Sarris and dated April 2 which is valid for only two days. Cyprus depositors have been forced into accepting massive losses on uninsured deposits of more than 100,000 euros. The 'bail-in' sees 37.5% of deposits exceeding 100,000 euros converted into equity in the bank, and an additional 22.5% used as a buffer which could also be converted into equity if circumstances warrant it. A small portion of the remaining 40% of uninsured deposits effectively frozen under the arrangement, 10% will be unblocked per a deal negotiated Tuesday morning.

U.S. Commerce Department reported Tuesday that orders for goods produced in U.S. factories rose 3% in February to mark the biggest gain in five months, mainly because of increased orders for aircraft. Durable goods orders rose 5.6% in February. Non-durable goods orders rose 0.8%. Durable goods are those meant to last at least three years. Non-durable goods include food and clothing. Factory goods shipped in February rose by 1.0%.


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April 2, 2013


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