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Fannie Mae swings to profit in Q2 from year-ago loss

Fannie Mae reported second-quarter net income attributable to common shareholders of $67 million, or 1 cent per share, compared to a net loss of $2 million, or zero cents per share, in the year-ago period.

Net income for the second quarter was $3.43 billion, down from $4.46 billion in the year-ago period. The government-sponsored enterprise expects to pay a $3.4 billion dividend to the U.S. Treasury by September, and dividends distributed or available for distribution to senior preferred stockholders for the quarter are $3.37 billion.

Second-quarter net income for the single-family business segment was $2.88 billion, down from the year-ago figure of $3.95 billion. Net income for Fannie Mae's multifamily business segment increased year over year to $561 million from $504 million.

Net interest income for the quarter was $5.15 billion, a decrease from $5.38 billion in the year-ago period. Fannie Mae recorded a non-interest loss of $47 million in the second quarter, compared to non-interest income of $745 million in the year-ago period.