Growth was driven by gains in both of the company's core business units. The single-family division reported a 4% revenue increase, while the multifamily sector delivered a stronger 7% bump in sales. These results highlight a resilient performance despite broader volatility in the housing market.
In section Market Quotes
Fannie Mae Profits Surge as Mortgage Revenue Beats Expectations
Fannie Mae posted a second-quarter profit of $3.98 billion on Wednesday, marking a significant climb from the $3.32 billion reported during the same period last year. The government-backed mortgage giant saw its total revenue hit $7.57 billion, comfortably outpacing the $7.25 billion forecast by analysts surveyed by FactSet.
Asset quality metrics remained mixed throughout the quarter. The delinquency rate for single-family mortgages held steady at 0.58% compared to the previous quarter, though this represents a slight uptick from the 0.53% recorded a year ago. Conversely, the multifamily delinquency rate improved, dropping to 0.6% from 0.78% in the first quarter, remaining largely flat on an annual basis.
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