By Dean Seal
The Federal National Mortgage Association reported higher earnings in the fourth quarter as revenue rose and it recorded a benefit for credit losses.
The government-sponsored housing-finance company known as Fannie Mae logged a profit of $3.94 billion, up from $1.43 billion in the same quarter last year.
Revenue jumped to $7.8 billion from $7.14 billion in the year-ago quarter. Revenue from its single-family home businesses came in at $6.62 billion, up from $6.01 billion, while multifamily revenue increased to $1.18 billion from $1.13 billion last year.
Fannie Mae posted a benefit for credit losses of $116 million during the quarter, compared with a provision for credit losses of $652 million in the third quarter.
The serious-delinquency rate on single-family mortgages decreased year-over-year to 0.55% from 0.65%. For multifamily mortgages, the rate increased to 0.46% from 0.24%.
Write to Dean Seal at [email protected]
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