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Taxpayers Earn Over $230 Billion in GSE Dividends

Fannie, Freddie report earnings

May 7, 2015

By Mortgage Daily staff

Dividends that have been paid to the Department of the Treasury by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. now exceed $230 billion.

Fannie Mae's first-quarter earnings report said it provided roughly $124 billion in mortgage market liquidity during the three months ended March 31.

First-quarter activity included 190,000 loans to finance home purchases, 320,000 refinances and loans to fund 134,000 multifamily units.

Fannie said that during the first quarter, it retained its title of "largest single issuer of single-family mortgage-related securities in the secondary market." The Washington-based company estimates its first-quarter market share of new single-family mortgage-related securities issuances at 40 percent, off from 41 percent a year prior.

Over at Fannie's secondary rival, Freddie Mac, $90.8 billion was provided in liquidity through the purchase and issuance of mortgage-related assets.

First-quarter business at Freddie included 354,000 loans backed by single-family residences. Single-family purchases and issuances totaled $80 billion during the period.

Fannie financed 134,000 rental units for the three months ended March 31.

The multifamily book of business at Fannie climbed to $206.7 billion from $203.3 billion at the end of last year. Multifamily market share was estimated at 19 percent of the outstanding debt on multifamily properties as of year-end 2014.

Freddie reported that new multifamily business volume was $10.0 billion in the first quarter of this year and that it financed 140,000 apartment units.

So far this year, Freddie says its activities have supported 494,000 families to own or rent a home.

McLean, Virginia-based Freddie said it has provided $2.6 trillion in mortgage market liquidity since 2009 -- financing 11.3 million single-family loans in addition to loans on 2.2 million multifamily units.

Freddie said that during the first quarter, it unloaded around $0.3 billion in seriously delinquent single-family loans that were not securitized. A second-quarter sale of $1.0 billion has also been announced.

The single-family foreclosure rate at Fannie was 0.56 percent, falling from 0.73 percent as of March 31, 2014.

Fannie earned $2.8 billion before taxes, more than the $2.1 billion earned in the fourth-quarter 2014. But earnings sank from $7.9 billion earned in the year-earlier period.

After-tax income at Fannie was $1.9 billion during the three months ended March 31, 2015, improving from $1.3 billion in the fourth-quarter 2014 but well off from the $5.3 billion earned in the first-quarter 2014.

"While we experienced some interest rate volatility again this quarter, we expect to remain profitable on an annual basis for the foreseeable future," Fannie Mae President and Chief Executive Officer Timothy J. Mayopoulos said in the report.

Freddie reported pre-tax income of $0.8 billion, surging from $0.2 billion three months earlier but plummeting from $5.8 billion twelve months earlier.

After-tax income climbed to $0.5 billion from $0.2 billion in the fourth-quarter 2014.

"Our strong business momentum from last year carried into the first quarter, enabling us to again produce earnings despite a continued declining rate environment, so we can return further dividends to taxpayers," Freddie Mac CEO Donald H. Layton said in an announcement.

Combined dividend payments by the pair of government-controlled enterprises total $230.8 billion.

Including a planned $1.8 billion payment to the Department of the Treasury in June, Fannie will have paid a total of $138.2 billion in dividends on its $117.1 billion bailout.

Freddie's life-to-date dividend payments, including $0.9 billion to be paid in the second quarter, amount to $92.6 billion, while its draws total $71.3 billion since its government bailout in 2008.

Fannie Mae profile | Freddie Mac profile

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