FX.co ★ Fannie Mae reports net income of $2.8 billion in Q1

Mortgage-finance giant Fannie Mae reported an increase in its first-quarter net income to $2.8 billion from $1.1 billion it posted a year ago. Meanwhile, in the fourth quarter of 2016 the company’s profit came in at $5 billion.

The growth was due to the strengthening US housing market.

In the meantime, Freddie Mac reported quarterly net income of $2.2 billion versus net loss of $354 million in the first quarter of 2016.

Fannie Mae and Freddie Mac do not give loans directly to homeowners, but buy mortgage from banks, thereby providing liquidity to the banking system.

The agencies make dividend payments to the US Treasury.