Fannie Mae reported a net income and a comprehensive income of $4.0 billion for Q3 2019, up from a net income of $3.4 billion and comprehensive income of $3.4 billion for the second quarter of 2019, while Freddie Mac posted a $1.7 billion net income. According to the GSEs, these incomes represent yet another step toward adding the capital necessary to move toward private ownership. “In the third quarter, Freddie Mac took an important first step toward exiting conservatorship by adding more than $1.8 billion to our total equity, bringing our capital reserve to $6.7 billion,” said David M. Brickman, Freddie Mac CEO. “As we look to the future, we are squarely focused on serving our mission and meeting the milestones necessary to move the company forward.” “Our strong quarterly results demonstrate the strength of Fannie Mae’s business and our ability to dynamically manage credit while serving the needs of our customers,” said Hugh R. Frater, Fannie Mae CEO. “We are focused on preparing for an eventual exit from conservatorship and providing liquidity for housing for low- and moderate-income Americans. “We will continue to work with our customers and partners to provide sustainable and stable sources of financing for affordable.” Fannie Mae was the largest issuer of single-family mortgage-related securities in the secondary market during the first nine months of 2019. The company’s estimated market share of new single-family mortgage-related securities issuances was 39% for the third quarter of 2019.
Source: DS News