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No Need for Draws at Fannie

Q3 earnings $1.8 billion

Nov. 8, 2012

By Mortgage Daily staff

Another profitable quarter at the Federal National Mortgage Association means another quarter that U.S. taxpayers won't have to fork over more capital to keep the company afloat.

Third-quarter new business acquisitions were $251.9 billion and the government-controlled giant, increasing from the second quarter's $194.6 billion and $139.1 billion in the same three months during 2011.

The Washington, D.C.-based company said it has provided $3.0 trillion in liquidity to the mortgage market since the beginning of 2009. Residential refinances represented around 8.9 million transactions during the period, while 2.5 million home purchases were financed. Fannie also financed multifamily mortgages on properties with 1.5 million units.

Fannie's $3.1933 trillion book of business as of Sept. 30 included an $0.6543 trillion mortgage portfolio and $2.5390 trillion in outstanding mortgage-backed securities.

Residential delinquency of at least 90 days was 3.41 percent, improving from 3.53 percent at the end of the second quarter. The rate of late payments on home loans was 4.00 percent at the same point last year.

Earnings at the secondary lender fell to $1.8 billion from $5.1 billion in the second quarter. But income swung from a $5.1 billion loss during the same quarter in 2011.

Fannie President and Chief Executive Officer Timothy J. Mayopoulos said in the report that signs of sustained improvement in housing are emerging.

"Our financial condition has improved markedly," Mayopoulos stated. "We have paid the Treasury $8.7 billion in 2012 and our expected ability to pay taxpayers is growing."

No draw was needed from the Treasury Department as a result of the quarterly profit.

As of Sept. 30, cumulative Treasury draw requests were $116.1 billion, the same as of the end of last year. Fannie has paid out $28.5 billion in dividend payments.

A report last month from the Federal Housing Finance Agency indicated that draws at Fannie are not likely to ultimately exceed $133 billion. In two of three scenarios tested by FHFA, Fannie will need no further draws beyond this year.

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