Fannie Mae reported 13% earnings growth and Freddie Mac reported 21% earnings growth for the third quarter.

Fannie Mae's diluted earnings per common share were 81 cents, up from 72 cents for the same period last year.

Freddie Mac's diluted earnings per common share were 58 cents for the third quarter, up from 48 cents.

During the first nine months, Fannie's net income was $2.53 billion, or $2.39 a share, up from $2.262 billion, or $2.09, for the third quarter of 1997.

Freddie's net income for the third quarter was $425 million, up from $354 million.

Fannie's volume growth boosted the company's total book of mortgages, which includes its mortgage portfolio and net mortgage-backed securities, past $1 trillion in September. Fannie purchased $47.3 billion in mortgages for its portfolio and issued $86 billion in mortgage-backed securities during the third quarter, while Freddie Mac purchased $74 billion in mortgages for its portfolio and issued $67.3 billion in mortgage-backed securities.

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