The Federal National Mortgage Association earned $712.1 million, or 65 cents a share, in the fourth quarter, up from $408.3 million, or 37 cents a share, in the period a year earlier.

The year-to-year comparisons were distorted by a $350 million pretax special contribution to its foundation in the fourth quarter of 1995. Excluding that, earnings added up to $635.8 million, or 58 cents a share, in the 1995 quarter.

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