FNMA will post deferred income tax 59 billion dollars news is below
11.6 billion dollars coming from bank of america
NEW YORK TIMES: $59 billion tax related gain will be posted at the first-quarter report
Fannie Mae Reports Record $7.6 Billion Quarterly Earnings
Published: April 2, 2013
WASHINGTON (Reuters) — Fannie Mae, the largest mortgage financier in the United States, said Tuesday that it earned $7.6 billion in the fourth quarter, a record amount. It also predicted that it would be profitable “for the foreseeable future,” the latest sign that it is benefiting from a housing market recovery.
Add to Portfolio With its fourth-quarter earnings, Fannie Mae, which is owned by the federal government, earned $17.2 billion in 2012 — its first profitable year since 2006
Home prices in January were 8.1 percent higher than a year earlier and mortgage delinquencies in the fourth quarter, which ended Dec. 31, fell to their lowest level since 2008.
Last year “really marked a turning point for us,” Timothy Mayopoulos, Fannie Mae’s chief executive, said in a conference call with reporters on Tuesday.
The company said in a regulatory filing on Tuesday that despite its higher profit, it was not taking a tax-related gain that could have added as much as $59 billion to its earnings. Recording the gain would have required Fannie Mae to pay a bigger dividend to the Treasury and would have limited its access to bailout support.
Fannie Mae said in the filing that it expected to start taking those tax-related gains as early as when it files its first-quarter report. The federal government took over Fannie Mae and Freddie Mac in 2008 as losses on souring loans mounted, and eased some ter