Freddie Mac reports profit
Freddie Mac may have reached a turning point in its long march toward recovery.
The beleaguered McLean mortgage giant posted its first quarterly profit available to common shareholders since it was taken over by the federal government in 2008. And it didn't need help from taxpayers to remain solvent.
Freddie brought in $3 billion in net income in the quarter. After making its $1.8 billion quarterly dividend payment to the Treasury, it had $1.2 billion in earnings left. This is the first time that Treasury dividend hasn't pushed the company into the red.
FAA seeks $162m fine from American Airlines
American Airlines parent AMR Corp. is facing a record $162.4 million in proposed and potential civil penalties from the Federal Aviation Administration, according to court documents in the company's bankruptcy case.
The previously undisclosed investigations into alleged safety and maintenance infractions by American and its affiliates are the most dramatic indications yet of extensive FAA concerns about the effectiveness of American's maintenance system.