The government-sponsored enterprise (GSE) also reported $4 billion in net income for the third quarter, down from $4.4 billion in the previous quarter but higher than the $3 billion reported one year earlier. Fannie Mae added that it will pay a $4 billion dividend to the Department of the Treasury by Dec. 31.
“Fannie Mae’s strong third quarter results reflect the company’s positive momentum, the strength of our business, and our strategic direction,” said Hugh Frater, Interim CEO at Fannie Mae. “We are focused on serving our customers, helping them navigate market headwinds, and enabling a mortgage process that is better, faster, cheaper and safer. That means we have a responsibility to innovate, while maintaining our strong commitment to safety, soundness, and stewardship on behalf of taxpayers.”
Fannie Mae’s third quarter report follows news from earlier this week that Freddie Mac generated comprehensive income of $2.6 billion
during the third quarter, up from $2.4 billion in the second quarter but down from the $4.7 billion reported in the third quarter of 2017. Freddie Mac also reported net income of $2.7 billion for the third quarter, up from $2.5 billion in the previous quarter but down from $4.6 billion one year earlier. Freddie Mac will make $2.6 billion dividend requirement to the Treasury in December.