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Fannie's Quarterly Earnings Sink From Prior Period

Q1 pre-tax earnings $4.2 billion

May 5, 2017

By Mortgage Daily staff

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.

Earnings were impacted by fair value gains, which swung to a $40 million loss from a $3.89 billion gain in the fourth quarter, and investment gains, which swung to a $9 million loss from a $322 million gain.

Liquidity provided to the mortgage market during the first-quarter 2017 totaled $136 billion.

Fannie said it financed 233,000 home purchase loans, 303,000 mortgage refinances and 202,000 multifamily housing units during the three months ended March 31, 2017.

"The company was the largest issuer of single-family mortgage-related securities in the secondary market in the first quarter of 2017, with an estimated market share of new single-family mortgage-related securities issuances of 39 percent, compared with 41 percent in the fourth quarter of 2016 and 37 percent in the first quarter of 2016," the report stated.

Including a planned dividend payment of $2.8 billion in June, Fannie will have made a total of $162.7 billion in dividend payments to the Department of the Treasury since entering conservatorship in 2008. Cumulative dividend payments exceed the $116.1 billion in draws taken by $46.6 billion.

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