Fannie Mae Posts $2.7B First-Quarter Profit: Hot Trends
NEW YORK (TheStreet) -- Popular searches on the Internet include Fannie Mae after the company posted $2.7 billion in profit for the first quarter, its largest since 2007.
For the first time since the government took it over in 2008, Fannie Mae said it does not need an infusion of taxpayer money. Fannie Mae said it believes its losses have peaked and even set aside $74.6 billion at the end of the first quarter to cover future losses.
A slower decline in housing prices, fewer homeowners behind on their payments and fewer foreclosed homes all helped to aid the company's results, which have some hoping are a signal the real estate market may have hit a bottom.
Fannie Mae has received about $116.2 billion in taxpayer money since its takeover.
Bankia is also trending as Spain took over one of its biggest banks in effort to relieve the struggling sector. Spain took control of BFA, Bankia's parent company, by converting a previous rescue loan of €4.5 billion into equity. The move gives the Spanish government 45% of Bankia. It is expected that Spain will pump additional money into the bank, as well as merge the two entities in order to control both. Prime Minister Mariano Rajoy indicated the banking sector is safe and that more reform would take place on Friday. Bankia is the largest of eight banks the Spanish government has aided in recent years. It holds 10% of deposits in Spain's banking system.
Bed Bath & Beyond (BBBY) is another popular search. The home goods retailer announced it is buying artisanal chain Cost Plus (CPWM). Bed Bath & Beyond will purchase the smaller chain for $554 million in an all-cash deal. It will pay $22 a share, a 22% premium over Cost Plus' closing price on Tuesday.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.
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