Fannie Mae-No Politics (FNMA)

[Robert from yahoo bd]

https://www.freddiemac.com/investors

Freddie Mac Reports Net Income of $2.0 Billion for First Quarter 2023

• Net income of $2.0 billion, a decrease of 47% year-over-year,
primarily driven by lower net revenues and a credit reserve
build in the current period compared to a credit reserve release
in the prior year period
• Net revenues of $4.8 billion, a decrease of 17% year-over-year,
as higher net interest income was offset by a decline in non-
interest income
• Provision for credit losses of $0.4 billion in the first quarter of
2023, compared to a benefit for credit losses of $0.8 billion in
the first quarter of 2022
• New business activity of $59 billion, down 72% year-over-year,
as both home purchase activity and refinance activity slowed
due to higher mortgage interest rates
• Mortgage portfolio of $3.0 trillion, up 4% year-over-year and
flat quarter-over-quarter, as portfolio growth has moderated in
recent periods due to the slowdown in new business activity
• Serious delinquency rate of 0.62%, down from 0.92% at March
31, 2022, primarily driven by the decline of loans in forbearance
• Completed approximately 24,000 loan workouts
• 62% of mortgage portfolio covered by credit enhancements
• New business activity of $6 billion, down 60% year-over-year,
as higher mortgage interest rates and greater market
uncertainty have reduced demand for multifamily mortgage
financing
• Mortgage portfolio of $426 billion, up 3% year-over-year and
down 1% quarter-over-quarter, primarily due to the slowdown
in new business activity
• Delinquency rate of 0.13%, up from 0.08% at March 31, 2022
• 93% of mortgage portfolio covered by credit enhancements

“Freddie Mac’s solid
performance in the first
quarter helped promote
sustainable
homeownership and
rental opportunities
across the nation. In an
uncertain economic
environment, we remain
focused on our mission
and will continue to serve
as a stabilizing force for
the housing finance
system.”
Michael J. DeVito
Chief Executive Officer

Net Worth -
$39.1 Billion