Fannie Reports 17% Rise in Profits
The Federal National Mortgage Association reported that third-quarter profits jumped 17% from a year earlier, to $350.7 million.
The quasi-governmental agency, a leader in the secondary market for home loans, cited increases in both net-interest income and fees from its mortgage securitization business.
For the first nine months of the year, Fannie Mae's profits slightly exceeded $1 billion. The agency's annual profit last year topped the $1 billion mark for the first time.