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Billions & Trillions

Fannie reports 3rd quarter earnings

October 17, 2002

By MortgageDaily.com staff

Fannie Mae announced third quarter earnings Tuesday, reporting an increase in business volume.

Fannie said its business volume -- mortgages purchased for portfolio plus mortgage backed securities (MBS) issues acquired by other investors -- totaled $186.8 billion for the quarter, compared with $159.8 billion during the second quarter and $158.8 billion during third quarter 2001.

The company's year-to-date volume totaled $544.4 billion, a 26.6% increase from last year's $430.1 billion, it reported.

Fannie's combined book of business -- mortgages held in portfolio and outstanding MBS held by other investors -- grew at a compound annual rate of 13.8% during third quarter 2002, ending the period at $1.742 trillion, the company reported. This growth resulted from a 5.9% annualized growth rate in the gross mortgage portfolio and a 20.4% rate of growth in outstanding MBS during the quarter. For the first nine months of 2002, the combined book of business grew at an annual rate of 15.4%.

More specifically, Fannie's gross mortgage portfolio ended the quarter at $751 billion, it reported. This is the figure before unrealized gains or losses on available for sale securities, deferred balances, and the allowance for losses. The company's net mortgage portfolio was $758 billion at the end of the third quarter of 2002, compared with $741 billion at the end of June. These figures include unrealized gains or losses on available for sale securities, deferred balances, and the allowance for losses, it said.

Fannie's duration gap, which reached a negative 14 months in August, fell to minus ten months at the end of September, according to Timothy Howard, Fannie's Chief Financial Officer.

The company, which says it is the largest source of financing for home mortgages in the U.S., reported operating net income for the third quarter of 2002 of $1.631 billion, an 18.4 percent increase compared with the third quarter of 2001.

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