From RealTrends.com: Fannie Mae and Freddie Mac showed few signs of financial improvement in the first quarter and more evidence of their fragility and reliance on home prices, analysts said.

Still, Freddie reported a profit in the quarter and did not request any funds from the Treasury Department for just the fourth time since it entered conservatorship in 2008. But Anthony Sanders, a real estate finance professor at George Mason University, said the smaller of the government-sponsored enterprises is living on the refinancing mortgages it purchased in the past.