Fannie Mae has reported net income of $1.11 billion ($1.10 per share) for the second quarter, up 0.9% from $1.10 billion ($1.09 per share) a year earlier, while revising downward its performance outlook for the year.Net income is reported under generally accepted accounting principles, but Fannie Mae also uses a non-GAAP measure called core business earnings. Fannie reported $1.90 billion ($1.91 per share) in core earnings for the quarter, up 1.9% from $1.86 billion ($1.86 per share) for the same period in 2003. Concerning the revised outlook, chief financial officer Tim Howard pointed to a $278.2 million impairment on debt securities, including manufactured housing securities, "virtually all of which related to the implementation of a new estimation process for the recognition of impairment as defined by our regulator." That, as well as lower purchase volumes and narrower initial purchase spreads, has caused the company to reduce its expectations for growth in core earnings per share from nearly 10% to "the mid-single-digit range," he said. Fannie Mae can be found online at http://www.fanniemae.com.
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The head of the government-sponsored enterprises' oversight agency also asked existing investors to review risk factors as officials eye a new public offering.
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More than 4,000 federal workers received notices Friday that their last day will be Dec. 9.
October 15 -
America's second-largest bank revised its net interest income target upward after what analysts called a "clean" third quarter.
October 15 -
The megalender is accusing a nearby brokerage of skirting labor laws and avoiding significant overhead costs in misclassifying hundreds of employees.
October 15 -
The new platform already counts two businesses as embedded partners, with the rollout coming as mortgage leaders see rising demand coming for DSCR loans.
October 15 -
Federal Reserve Governor Stephan Miran said the economic standoff with China could increase market volatility, further necessitating the central bank to move its policy stance to neutral.
October 15