Posted To: MND NewsWire

Both GSEs reported financial results for the third quarter of 2020 that were significantly higher than both their Q2 2020 and their 2019 numbers . Fannie Mae’s net and its comprehensive incomes were $4.2 billion and Freddie Mac’s net and comprehensive incomes came in at $2.5 billion and $2.4 billion, respectively. Fannie Mae’s comprehensive income in the second quarter was $2.5 billion and it was 4.0 billion a year earlier. The company says the higher 3 rd quarter results were due to higher amortization income from higher mortgage prepayment activity as borrowers refinanced into historically low rates. The company’s net interest income was $6.7 million, up 879 million from the previous quarter. Year-to-date (YTD) the net interest income is up $2.4 billion from the first nine months of 2019…(read more)

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Source: Mortgage News Daily