Fannie Mae and Freddie Mac reported some $9.3 billion in profit during the first quarter of 2014 due primarily to large, but one-time, settlements over non-agency mortgage-backed securities litigation.Freddie earned $4.0 billion in the first quarter, Fannie $5.3 billion. Neither benefitted from an adjustment to their deferred tax assets, which they have just about exhausted. Together, the two government-sponsored enterprises will have paid about $213.1 billion to the Treasury at the end of June, roughly $25.1 billion more than the $188 billion the two companies have drawn from the Treasury since being placed in government conservatorship.