As taxpayer returns from the Federal National Mortgage Association have reached nearly $47 billion, there was a significant decline in quarterly earnings.

The Washington-based organization disclosed in its first-quarter 2017 earnings report that income before federal income taxes was $4.2 billion.

Fannie Mae’s earnings were nearly halved from $7.6 billion in the prior three-month period. But income improved compared to $1.7 billion a year prior.

Source: Mortgage Daily