Fannie Mae reported net income of nearly $2.7 billion in the third quarter, up 168% from that of the same period last year.Diluted earnings per share were up 175% to $2.69. However, Fannie Mae prefers to measure its "core operating earnings," which differ from the net income measure prescribed under generally accepted accounting principles. Core earnings were up 12% to $1.8 billion, or $1.83 per share. Net interest income totaled $3.5 billion, up 34.7%, and guaranty fee income totaled $613 million, up 32.6%, Fannie Mae reported. By contrast, credit-related expenses more than doubled to $28.6 million, and the government-sponsored enterprise reported losses of $902 million from the call and repurchase of debt, compared with $138 million in the third quarter of 2002. Chairman and chief executive officer Franklin Raines touted the results. "In a quarter marked by historic levels of volatility in the fixed-income markets, our company continued to benefit from the disciplined strategies for growth that have resulted in consistently strong financial performance through a wide range of economic and financial environments," he said. Fannie Mae can be found online at http://www.fanniemae.com.
-
Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
2h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
3h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
3h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
5h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25