Fannie Mae reports $4.6B net income in 2Q

August 7, 2015

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:

  • Provided roughly $144 billion in liquidity to the mortgage market in the second quarter;
  • Worked through roughly 34,000 foreclosure preventions for distressed families, using a combination of proprietary programs and government sponsored programs;
  • Expects to pay $4.4 billion in dividends to the U.S. Treasury in September, bringing the total amount in dividends paid to $142.5 billion.