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  • Chronos Solutions acquires UPF Services

    Chronos Solutions announced its latest business move, finalizing its acquisition of UPF Services. Matt Slonaker, executive vice president of sales and marketing for Chronos Solutions, first alluded to the acquisition in an interview with HousingWire back in July. Now only a few weeks later, Slonaker and Andrew Gladston, senior vice president of corporate development at Chronos Solutions, revisited with HousingWire to give the full details of the acquisition.


Fannie Mae reports $84.8 billion income for 2013 and $6.6 billion for 4Q13

Payments to Treasury finally exceed bailout amount


Fannie Mae reported annual net income for 2013 of $84 billion, which includes the release of the company’s valuation allowance against its deferred tax assets, and annual pretax income for 2013 of $38.6 billion.

Fannie Mae reported net income of $6.5 billion for the fourth quarter of 2013, the company’s eighth consecutive quarterly profit, and pretax income of $8.3 billion for the fourth quarter of 2013.

Fannie Mae will pay Treasury $7.2 billion in dividends in March 2014.

With the March dividend payment, Fannie Mae will have paid a total of $121.1 billion in dividends to Treasury in comparison to $116.1 billion in draw requests since 2008.

Fannie Mae dividend payments do not pay back Treasury draws.

Strong 2013 pre-tax results were driven by continued stable revenues, credit-related income, and fair value gains. Credit-related income was positively affected by an increase in home prices, a decline in serious delinquency rates, and updated assumptions and data used to estimate the company’s allowance for loan losses in 2013.

Fannie Mae’s 2013 financial results also were positively affected by the release of the company’s valuation allowance against its deferred tax assets and the large number of resolutions the company entered into during the year relating to representation and warranty matters and servicing matters.


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