Fannie Mae Reports $4.5 Billion Net Income For Q2 2024

Fannie Mae today released its earnings for Q2 2024, reporting $4.5 billion net income, with net worth reaching $86.5 billion as of June 30, 2024
 
Net income increased $164 million in the second quarter of 2024 compared with the first quarter of 2024, primarily driven by increases in net interest income and benefits for credit losses.
 
Fannie Mae’s second quarter saw $95 billion in liquidity, facilitating the financing of approximately 330,000 home purchases, refinances, and rental units.

The GSE also acquired approximately 213,000 single-family purchase loans, of which approximately half were for first-time homebuyers, and approximately 45,000 single-family refinance loans during the second quarter of 2024.
 
The earnings report also noted that Fannie Mae financed approximately 72,000 units of multifamily rental housing in the second quarter of 2024; a significant majority were affordable to households earning at or below 120% of the area median income.
 
Fannie Mae also released its June 2024 summary yesterday, reporting its Guaranty Book of Business increased at a compound annualized rate of 1.3%.

The Conventional Single-Family Serious Delinquency Rate remained flat at 0.48% during the month, and the Multifamily Serious Delinquency Rate decreased 1 basis point to 0.44%.

As of June 30, 2024, Fannie Mae's maximum exposure to Freddie Mac collateral included in outstanding Fannie Mae re-securitizations was $208.3 billion.