Fannie Mae Says Profits Rose 14% In Second Quarter from Year Earlier

The Federal National Mortgage Association said its earnings rose 14% in the second quarter, reflecting strong growth in both its investment portfolio and its mortgage securitization business.

The agency, known as Fannie Mae, said it earned $331.5 million, or $1.21 a share. That was up from $289.6 million, or $1.10 a share, in the second quarter of 1990.

Fannie Mae, which supports the secondary market for home loans, said it issued a record $29.7 billion of mortgage-backed securities in the second quarter, up from $23.1 billion a year earlier.

The agency's investment portfolio - largely mortgage assets - had an average balance of $133.3 billion for the quarter, up from $122.7 billion a year earlier.

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