Fannie Mae Reports $4.3B in Q1 Net Income
Fannie Mae closed out the first quarter of this year with $4.3 billion of net income and $3.9 billion of comprehensive income. This is a significant turnaround from the net loss of $6.5 billion and a comprehensive loss of $6.7 billion in the fourth quarter of 2017. Fannie Mae stated that it expected to pay the Department of the Treasury $938 million in a dividend by June 30.
Earlier this week, Freddie Mac reported $2.93 in net income for the first quarter, as its single-family guarantee portfolio grew three percent from the prior year to $1.84 trillion.
Fannie Mae reported that it provided approximately $113 billion in liquidity to the single-family mortgage market in the first quarter. The government-sponsored enterprise was also the largest issuer of single-family mortgage-related securities in the secondary market, with an estimated market share of 42 percent. Fannie Mae also provided more than $11 billion in multifamily financing in the first quarter, which helped to fund 154,000 units of multifamily housing. More than 90 percent of the multifamily units financed during the first quarter were affordable to families earning at or below 120 percent of the area median income.
“Our solid first quarter performance reflects the strength of our underlying business, the benefits of our business model, and our focus on customers,” said Timothy J. Mayopoulos, President and CEO. “We continue to drive advances in the housing finance system, providing our customers with reliable, sustainable, and innovative solutions to address America’s housing needs. “We are dedicated to working with our customers to solve the housing challenges of today and tomorrow and enabling them to deliver real benefits and more opportunities to homebuyers and renters.”