Federal National Mortgage Association
XMUN:FNM
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Federal National Mortgage Association
XMUN:FNM
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Federal National Mortgage Association
Federal National Mortgage Association, better known as Fannie Mae, is a government-sponsored company that sits in the middle of the U.S. housing finance system. It does not mainly make home loans itself; instead, it buys mortgages from lenders, packages many of them into mortgage-backed securities, and guarantees payments on those securities. That helps banks and mortgage lenders keep making new loans to homebuyers and renters. Its main customers are mortgage lenders, banks, credit unions, and investors who buy mortgage-backed securities. Fannie Mae earns money by charging fees for guaranteeing mortgage payments, managing the loans it owns or guarantees, and providing services that support mortgage securitization and loan servicing. Its business depends on the quality of the mortgages it backs and on the smooth functioning of the secondary mortgage market. What makes Fannie Mae different is its role as a financial middleman rather than a traditional lender. It helps turn individual home loans into securities that can be sold to investors, which spreads mortgage risk and keeps credit flowing through the housing market. That makes Fannie Mae a key infrastructure company for U.S. home finance, even though most homebuyers never deal with it directly.
Federal National Mortgage Association, better known as Fannie Mae, is a government-sponsored company that sits in the middle of the U.S. housing finance system. It does not mainly make home loans itself; instead, it buys mortgages from lenders, packages many of them into mortgage-backed securities, and guarantees payments on those securities. That helps banks and mortgage lenders keep making new loans to homebuyers and renters.
Its main customers are mortgage lenders, banks, credit unions, and investors who buy mortgage-backed securities. Fannie Mae earns money by charging fees for guaranteeing mortgage payments, managing the loans it owns or guarantees, and providing services that support mortgage securitization and loan servicing. Its business depends on the quality of the mortgages it backs and on the smooth functioning of the secondary mortgage market.
What makes Fannie Mae different is its role as a financial middleman rather than a traditional lender. It helps turn individual home loans into securities that can be sold to investors, which spreads mortgage risk and keeps credit flowing through the housing market. That makes Fannie Mae a key infrastructure company for U.S. home finance, even though most homebuyers never deal with it directly.
Net income: Fannie Mae reported net income of $4 billion, up 7% from the first quarter and 20% year-over-year, helped by stronger revenues and tighter expense control.
Revenue strength: Net revenues rose to $7.6 billion, with the guarantee business contributing nearly 80% of total net revenues and supporting another solid quarter.
Capital and liquidity: The company ended the quarter with more than $116 billion in net worth and provided $125 billion of liquidity to the mortgage market, helping about 417,000 households.
Efficiency gains: Administrative expense ratio was 10.7%, below recent historical levels, as Fannie Mae said its efficiency program continued to deliver savings.
Credit and outlook: Credit costs rose, with a $226 million provision for credit losses, and management said multifamily market challenges are expected to create additional delinquencies.
Business mix: Single-family acquisitions reached $111 billion, the highest since the third quarter of 2022, while multifamily new business volume was $14 billion despite rate pressure and competition.