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(In first paragraph, corrects prior quarter's net income to $5.0 billion, not $4.9 billion)
NEW YORK, May 5 (Reuters) - Fannie Mae, the largest U.S. mortgage guarantor, said on Friday its net income fell to $2.8 billion in the first quarter from $5.0 billion the prior quarter as smaller increases in market interest rates resulted in smaller gains on its derivatives and credit-related income.
The Washington-based agency, which has been under government control since 2008, will pay the U.S. Treasury Department $2.8 billion in dividends in June. (Reporting by Richard Leong; Editing by Chizu Nomiyama)