Fannie, Freddie both turn big profits

Freddie Mac reported a net income of $2.9 billion in the third quarter, and will pay back $1.8 billion to the Treasury.

Fannie Mae reported a net income of $1.8 billion for the third quarter of this year, compared to a $5.1 billion loss in the third quarter of 2011.

Both companies still owe a sizeable amount to U.S. taxpayers, but both have been paying that back in recent months, thanks to continued profits and a rebounding housing market.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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