Posted To: MND NewsWire

Fannie Mae and Freddie Mac (the GSEs) reported their respective third quarter 2021 financial results on Friday. Both posted significant increases in net income from the same period in 2020 but results for each were lower than reported in Quarter Two. Fannie Mae says it had $4.8 billion net income for the third quarter of 2021, down from $7.2 billion in the second quarter but an increase of 14 percent from the $4.2 billion net in the third quarter of 2020. Income declined from $8.4 billion in the prior quarter to $7.1 billion but this was up 5.0 percent compared to the $6.8 billion in net revenues a year earlier. The company said the quarter-over-quarter decline was driven by lower net interest income and a $1.7 billion drop in credit related income. The credit related component was impacted…(read more)

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Source: Mortgage News Daily