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Fannie Mae's Q3 profits double amid housing challenges

Published Oct 31, 2023 10:12AM ET Updated Oct 31, 2023 10:12AM ET
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Fannie Mae has reported a significant increase in its Q3 profits for 2023, which reached $4.7 billion, nearly double the $2.44 billion recorded in the same period last year. This surge in profitability was primarily driven by robust demand for single-family homes.

Despite the rise in interest rates, total revenue also saw a slight increase of 1%, reaching $7.3 billion. The company's single-family business recorded a 2% growth, while its multifamily business experienced a 5% decline.

The company's CEO, Priscilla Almodovar, acknowledged the challenges currently plaguing the housing sector including high mortgage rates, escalating home prices, limited housing inventory, and record-breaking rents impacting both homeowners and renters.

Fannie Mae also reported a credit losses benefit of $652 million, a stark contrast to the previous year's provision of $2.54 billion. Meanwhile, serious-delinquency rates on single-family mortgages decreased to 0.54% from 0.69%. However, these rates saw an increase on multifamily mortgages, particularly within seniors housing portfolios, where they rose from 0.26% to 0.54%.

InvestingPro Insights

In light of the recent financial data and tips from InvestingPro, it is clear that Fannie Mae has been experiencing a period of substantial changes. The InvestingPro Data reveals a significant market cap of $4260M USD, indicating the company's size and influence in the financial services industry. Moreover, Fannie Mae has experienced impressive returns over the past week, month, and quarter, with a 1 week price total return of 12.87%, 1 month price total return of 17.61%, and a 3 month price total return of 65.07%.

InvestingPro Tips highlight that Fannie Mae is a prominent player in the Financial Services industry, despite a declining trend in earnings per share. The company's stock generally trades with high price volatility, which is reflected in the data showing a P/E Ratio of -362.00. It's also important to note that Fannie Mae's liquid assets exceed its short-term obligations, suggesting a strong financial position.

For those interested in a more comprehensive understanding of Fannie Mae's financial performance and future projections, InvestingPro offers additional tips and real-time data.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Fannie Mae's Q3 profits double amid housing challenges

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