Who is Fannie Mae Today?
As the leading source of residential mortgage credit in the U.S. secondary market, Fannie Mae is supporting today’s economic recovery and laying the foundation for a better housing finance system. We guarantee and purchase loans from mortgage lenders to ensure families can buy homes, refinance, or rent a good home.
In the past five years, we have taken actions to improve our financial performance, build a profitable new book of business‚ and reduce losses on our legacy book. Fannie Mae’s strong third quarter 2013 results were driven primarily by continued stable revenues and credit-related income, resulting in net income of $8.7 billion for the quarter, our seventh consecutive quarterly profit.
From January 1, 2009 through September 30, 2013, Fannie Mae provided approximately $3.9 trillion in liquidity, which enabled 3.4 million home purchases and 12.0 million mortgage refinancings. We also enabled financing for 2.0 million units of multifamily rental housing during this period.
We are working to establish and implement industry standards‚ develop better tools to price and manage credit risk‚ build new infrastructure to ensure a liquid and efficient market‚ and facilitate the collection and reporting of data for accurate financial reporting and improved risk management.
Ultimately‚ we measure our progress not only by paying taxpayers and improving the housing finance system‚ but also by the difference we make in people’s lives.
For example‚ we help families retain their homes or avoid foreclosure – 1.5 million workout solutions, including 1 million loan modifications from 2009 through September 30, 2013. We work with mortgage servicers to reach at-risk homeowners early‚ helping them stay in their homes.