Quarterly mortgage financing provided by Fannie Mae fell by more than $30 billion from a year earlier, though activity has accelerated from three months earlier. Earnings were little changed.

The Federal National Mortgage Association disclosed in its third-quarter earnings report $4.5 billion in income before federal income taxes.

Earnings were modestly lower than $4.7 billion during the same three months last year. It was a similar narrative versus the second quarter of this year, when earnings were $4.8 billion.

Source: Mortgage Daily