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Fannie Mae 1Q Profits Climb Despite Lower Revenues

Thursday, May 04 2023
Lending
Written by  The Mortgage Leader

Fannie Mae has announced first-quarter net income of $3.78 billion, more than double the fourth quarter of 2022 but down 14% from a year earlier. So reports NEXTMortgageNews.

Fannie Mae2 150x150Fannie’s revenue fell to $6.85 billion in the first quarter from $7.14 billion in the prior quarter, but a massive decrease in its provision for credit losses accounted for the overall profit.

The government-sponsored enterprise’s $67.5 billion in single-family mortgage purchases in the first quarter marked the lowest quarterly volume since the third quarter of 2000.

Read the full article from NEXTMortgageNews.

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