Posted To: MND NewsWire

Both Fannie Mae and Freddie Mac reported improved income during the first quarter of 2021. Fannie Mae said its net income increased from $4.57 billion in the fourth quarter of 2020 to $4.99 while Freddie Mac reported a net of $2.77 billion and comprehensive income of $2.38 billion, down slightly for the quarter but significantly higher than a year earlier. Fannie Mae said its net revenues totaled $6.829 billion, down from $7.245 billion the previous quarter, with a decline f $344 million in interest income and $72 million less in fee and other income to $6.74 billion and $87 million, respectively. The decline in interest income was due to lower levels of single-family mortgage prepayments in the first quarter. The company expects that lower levels of refinancing in the future will likely result…(read more)

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Source: Mortgage News Daily