Fannie Mae Posts $3.2 Billion In Net Income For Q2

Fannie Mae reported net income of $3.2 billion during the second quarter, driven by higher credit-related income and a shift to investment gains from losses. The second-quarter figure represents an increase from the first-quarter net income of $2.77 billion and the year-ago net income of $2.95 billion. The $3.12 comprehensive income during the quarter also rose from the prior-quarter net income of $2.77 billion and the $2.87 billion net income recorded in the second quarter of 2016, according to Fannie Mae’s second-quarter earnings release. Higher benefit for credit losses and a decrease in foreclosed property expense contributed to the increase in credit-related income to $1.23 billion, while the sale of available-for-sale securities and reperforming loans supported $385 million of investment gains during the quarter.

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Source: MPA

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