Fannie Mae’s Net Income Doubles from Q1

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Posted To: MND NewsWire

Fannie Mae is reporting net income and comprehensive income of $2.9 billion for the second quarter of 2016 compared to first quarter net income of $1.1 billion and comprehensive income of $936 million. Freddie Mac, the other government sponsored enterprise (GSE) reported a $1 billion net and a substantial improvement from a first quarter loss earlier this week. Fannie Mae’s net interest income, which includes guaranty fee revenue, increased from $4.77 billion in the first quarter to $5.29 billion in the second, although that income was nearly $400 million lower than during the second quarter of 2015. Fannie Mae said the increase in net income was also due to lower fair value losses driven by smaller decreases in longer-term interest rates than in the first quarter. Those losses narrowed from…(read more)

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