Lenders

Fannie Mae Reports Net Income of $1.1 Billion

Mortgage giant Fannie Mae posted net income of $1.1 billion for the first quarter, down from a year ago as declining interest rates reduced the value of the financial instruments it uses to hedge against rate swings. The results announced Thursday for the January-through-March period marked the 17th straight profitable quarter for the government-controlled company. The first-quarter profit compared with…