Fannie Mae 3Q Profit Falls, Revenue Edges Higher

Dow Jones10-31

By Dean Seal

The Federal National Mortgage Association reported a drop in profit during the third quarter from lower fair value gains, while revenue moved slightly higher.

The government-sponsored housing-finance company known as Fannie Mae posted a profit of $4 billion, down from $4.7 billion in the same quarter a year ago, due to declines in fair-value gains year-over-year.

Quarterly revenue ticked up 1% to $7.34 billion. Revenue from the single-family home segment was up 1% at $6.18 billion, while multifamily home revenue fell 4% to $1.16 billion. Net interest income edged 1% higher to $7.28 billion.

Fannie Mae reported a benefit for credit losses of $27 million, compared with provisions for credit losses of $273 million last quarter and $625 million in the year-ago quarter.

The benefit was $451 million from single-family, offsetting a $424 million provision for credit losses in multifamily. The single-family side benefited from forecasts for home price growth as well as interest rate shifts, offsetting a provision on newly acquired loans. The provision for multi-family was driven by adjustable-rate conventional loans that were written down during the period, Fannie Mae said.

The serious-delinquency rate was 0.56% on single-family mortgages and 0.52% for multifamily mortgages.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 31, 2024 08:09 ET (12:09 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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