The latest earnings report from the Federal National Mortgage Association indicates that the company was profitable again. Over the past three years, average credit scores on new business have fallen 8 points, while average loan-to-value ratios have jumped 7 percentage points.
Fannie Mae said in its third-quarter earnings report it was responsible for 48 percent of all single-family mortgage-related issuances in the third quarter.
Market share at the government-controlled enterprise climbed from 45 percent in the previous period but fell from 52 percent year-earlier period.
Weighted-average credit scores on loans purchased by Fannie have fallen to 754 this year from 762 in 2010.
Weighted-average LTV ratios, meanwhile, have risen from 68 percent to 75 percent during the same period.
Net income at the Washington, D.C.-based firm was positive for the seventh consecutive quarter.
Income before taxes declined to $10.1 billion from $12.1 billion in the second quarter but improved significantly from $1.8 billion in the third-quarter 2012.
Through Sept. 30, Fannie has received Treasury draws totaling $116.1 billion, while dividends paid to the Treasury amounted to $105.3 billion.
No Treasury draws have been made since the first-quarter 2012.
