"Strong quarterly results" driven by growth in credit-related income and net revenues
Fannie Mae has reported net income of $4 billion for the third quarter of 2019, up from $3.4 billion in the second quarter.
In a statement, the GSE said the improvement in net income was driven by growth in credit-related income and net revenues, though partially offset by a decrease in investment gains during the quarter.
Broken down by business segment, single-family net income was $3.3 billion in the third quarter, compared with $2.9 billion in the second quarter. Fannie was the largest issuer of single-family mortgage-related securities in the secondary market during the first nine months of 2019, while its
estimated market share of new single-family mortgage-related securities issuances was 39% for the third quarter.
Meanwhile, multifamily net income was $640 million, up from $561 million in the previous quarter. The GSE provided $52.1 billion in multifamily financing in the first nine months of 2019, which enabled the financing of 548,000 units of multifamily housing.
“Our strong quarterly results demonstrate the strength of Fannie Mae’s business and our ability to dynamically manage credit while serving the needs of our customers,” said Hugh Frater, chief executive officer of Fannie Mae. “We are focused on preparing for an eventual exit from conservatorship and providing liquidity for housing for low- and moderate-income Americans. We will continue to work with our customers and partners to provide sustainable and stable sources of financing for affordable homes and apartments.”
