A big jump in Fannie Mae's mortgage portfolio fueled a 12.2% rise
The total was $775 million, up from $690.6 million a year earlier. Per-
Nine-month earnings were up 30.2%, to $2.62 billion.
"We had significant rebounds in the growth of both our mortgage
The company's mortgage portfolio grew more than 13% during the three
Fannie Mae bought significantly more seasoned mortgage products this
In addition, commercial banks were more eager to sell off recently
Fannie Mae commitments to buy portfolio loans nearly doubled during the
This quarter the company began an Alternative A program, which lends to
The program also contributed to the rise in portfolio lending, a
Fannie also cut its provision for losses in half, to $20 million.
Analysts greeted the earnings increase warmly. Steven Eisman of
Loan chargeoffs fell during the quarter, to $5.6 million, in part
The company repurchased 11.0 million shares of common stock in the