Fannie Mae Profit More Than Doubles
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From Dow Jones/Associated Press
Fannie Mae’s third-quarter net income more than doubled as the improving economy gave fresh business to the mortgage market.
The mortgage finance provider earned $2.67 billion, or $2.69 a share, for the quarter, compared with $994 million, or 98 cents, a year ago.
The quarter’s results included an after-tax gain of $185.1 million from a change in accounting for derivatives and hedged investments to comply with new standards.
Shares of Fannie Mae slipped 22 cents to $72.35 on the NYSE.
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