WASHINGTON (8/7/15)--Fannie Mae reported a net income of $4.6 billion for the second quarter of 2015, and a comprehensive income of $4.4 billion. Fannie saw a net income of $1.9 billion in the first quarter of 2015, and a comprehensive income of $1.8 billion.
According to Fannie, the results for the second quarter were affected by an increase in interest rates, which had a positive impact on the fair value of Fannie’s financial instruments, but a negative impact on credit-related expenses.
The numbers also showed the 21st consecutive quarter that the single-family serious delinquency rate for Fannie’s book of business has decreased. It stood at 1.66% as of June 30, compared with 5.47% on March 30, 2010.
“Although Fannie Mae’s single-family serious delinquency rate has decreased, and is expected to continue to decrease, the company expects the number of single-family loans in its book of business that are seriously delinquent to remain above pre-2008 levels for years,” the report reads, citing the impact of the length of time required to complete a foreclosure in some states.
Other highlights from the second quarter results indicate Fannie: