Fannie Mae-No Politics (FNMA)

[navycmdr]

$Fannie $Mae 3Q $Revenue $7.3 $Billion Rises 1%

$Lifted by $Single-Family $Homes

3rd Qtr profit of $4.7 Bil, compared with $2.44 Bil same period last year.

Fannie Mae said the serious-delinquency rate on single-family mortgages

fell to 0.54% from 0.69% a year ago. The same statistic for multifamily mortgages

rose to 0.54% from 0.26% a year ago, largely driven by seniors housing portfolios.

7:54 am ET October 31, 2023 (Dow Jones) By Will Feuer


The Federal National Mortgage Association posted higher revenue for the third quarter, lifted by demand for single-family homes despite higher interest rates.

The government-sponsored mortgage company posted a third-quarter profit of $4.7 billion, compared with $2.44 billion in the same period last year.

Revenue rose 1% to $7.3 billion. Revenue from the single-family business rose 2% from a year ago while sales from the multifamily business dropped 5%.

"The third quarter remained challenging for housing - with higher mortgage rates, high home prices, and a limited inventory of homes for sale," Chief Executive Priscilla Almodovar said. "Renters, too, continued to face all-time high rents."

The company, which is known as Fannie Mae, had a benefit for credit losses of $652 million, compared with a provision of $2.54 billion a year ago.

Fannie Mae said the serious-delinquency rate on single-family mortgages fell to 0.54% from 0.69% a year ago. The same statistic for multifamily mortgages rose to 0.54% from 0.26% a year ago, largely driven by seniors housing portfolios.


Write to Will Feuer at [e-mail]