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GSEs record solid third-quarter earnings

Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac reported solid third-quarter earnings this week that will net U.S. taxpayers a total of $6.6 billion in dividend payments.

fannieearnOn Friday, Fannie Mae reported $4 billion in net and comprehensive income. Freddie realized $2.7 billion in net income and $2.6 billion in comprehensive income, the company reported earlier this week.

Fannie anticipates paying a dividend of $4 billion and Freddie will pay out $2.6 billion.

Fannie’s comprehensive income declined from the second-quarter 2018 total of $4.5 billion, but was up from the $3.1 billion third-quarter 2017 total.

Freddie’s third-quarter 2018 comprehensive income was up over the prior quarter slightly, but fell from $4.7 billion in the third quarter of 2017. A year ago, Freddie’s income was boosted by a $2.9 billion mortgage-securities related settlement.  

The GSE executives both highlighted the solid and stable performance of the GSEs in recent quarters.

“Our track record of strong and stable financial performance is, as we intend, becoming pretty routine,” Freddie Chief Executive Officer Donald Layton said in prepared remarks. “In fact, some might say it's a bit boring. In this context, I say boring is good. It demonstrates the strength and stability of our business that is becoming a hallmark of our financial results.” 

September marked the 10-year anniversary of the government takeover of Fannie and Freddie. Fannie has since paid $171.8 billion in dividends to the U.S. Treasury and taken $119.8 billion in draws from the U.S. Treasury. Freddie has made $110.1 billion in dividend payments and taken $71.3 billion in draws. 


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