Fannie Mae net income soars to $8.7 billion in 3Q
Fannie Mae posted a third quarter net income of $8.7 billion, compared with a net income of $1.8 billion for the third quarter of 2012, making it the company’s seventh consecutive quarterly profit, the company announced in a press release.
In addition, Fannie Mae reported a comprehensive income of $8.6 billion for the third quarter of 2013, compared to $2.6 billion for the same period a year prior.
Fannie Mae’s strong third quarter results were driven primarily by continued stable revenues and credit- related income. Credit-related income was positively affected by an increase in home prices in the quarter, which resulted in a reduction in the company’s loss reserves; the recognition of compensatory fees received in connection with the Bank of America compensatory fee agreement; and a decline in the number of delinquent loans in the company’s single-family guaranty book of business.