Posted To: MND NewsWire

Each of the GSEs have posted strong financial results for the second quarter of 2021. Both Freddie Mac and Fannie Mae more than doubled their net income compared to a year earlier while Fannie Mae also set a record for single family home purchase acquisitions. Freddie Mac’s net income was $1.9 billion higher than in the second quarter of 2020, rising to $3.68 billion from $1.78 billion. The 107 percent increase was driven by higher net interest income ($4.77 billion compared to 2.88 billion) higher average guarantee fee rates on the Single-Family mortgage portfolio, and higher deferred fee income recognition. Net revenues increased 41 percent to $5.87 billion and credit related income was $0.2 billion compared to a $0.7 billion expense in the second quarter of last year thanks to a reserve…(read more)

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Source: Mortgage News Daily