Fannie Mae Generates $2.9B in Q2 Net Income
Fannie Mae reported healthy returns for the second quarter, with net income of $2.9 billion and comprehensive income of $2.9 billion, up from the first quarter’s net income of $1.1 billion and comprehensive income of $936 million. Fannie Mae also reported a positive net worth of $4.1 billion for the second quarter, and will pay the Department of the Treasury a $2.9 billion dividend next month.
Fannie Mae credited its second quarter results to lower fair value losses driven by smaller decreases in longer-term interest rates, along with higher credit-related income fueled by a combined increase in home prices plus a decrease mortgage interest rates and a decrease in foreclosed property expenses.
“We had another quarter of solid financial performance,” said Timothy J. Mayopoulos, president and CEO at Fannie Mae. “We are carrying through on actions to strengthen our company, support the housing market, and bring innovation to the market for the benefit of consumers, lenders, and taxpayers. We remain a steady, continuous source of mortgage financing to ensure broad access to quality rental housing and predictable long-term mortgages, including the 30-year fixed-rate mortgage.”