Fannie Mae (Federal National Mortgage Association, FNMA) is a government-sponsored, stockholder-owned corporation that operates in the U.S. housing finance system. The company provides liquidity, stability, and access to mortgage credit by working in the secondary mortgage market. Fannie Mae acquires residential mortgage loans from lenders, packages them into mortgage-backed securities (MBS), and guarantees payments to investors, earning revenue primarily through guaranty fees and net interest income.
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Single-Family - Operates in the secondary mortgage market for loans secured by properties with four or fewer residential units. Generates revenue through guaranty fees for assuming credit risk and net interest income from its retained mortgage portfolio and corporate liquidity portfolio.
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Multifamily - Operates in the secondary mortgage market for loans secured by properties with five or more residential units. Earns revenue from guaranty fees for assuming credit risk and net interest income from its retained mortgage portfolio and corporate liquidity portfolio.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Anthony Moon Executive | Executive Vice President and Chief Risk Officer | Board Member for the Cortland College Foundation | Joined Fannie Mae in 2022 as CRO. Previously served as CRO for Morgan Stanley's Wealth Management Division and held risk leadership roles at GE Capital and Bank of Tokyo-Mitsubishi. | |
Chryssa C. Halley Executive | Executive Vice President and Chief Financial Officer | None | Joined Fannie Mae in 2006 and became CFO in November 2021. She has held various leadership roles in financial management, corporate strategy, and risk management. | |
Danielle M. McCoy Executive | Senior Vice President, General Counsel, and Corporate Secretary | None | Joined Fannie Mae in 2006. Became General Counsel in January 2024. Previously served as Deputy General Counsel for Fair Lending and Corporate Governance. | |
Michele M. Evans Executive | Executive Vice President—Multifamily | None | Joined Fannie Mae in 1992. Became EVP—Multifamily in August 2020. Announced plans to retire in March 2025. | |
Peter Akwaboah Executive | Executive Vice President and Chief Operating Officer | Board Member at Foundation of Orthopedics and Complex Spine; Museum of American Finance | Joined Fannie Mae in May 2024 as COO. Previously held leadership roles at Morgan Stanley, Royal Bank of Scotland, and Deutsche Bank. | |
Priscilla Almodovar Executive | President and Chief Executive Officer | Board Member at Realty Income Corporation | Priscilla Almodovar became CEO of Fannie Mae in December 2022. She previously served as CEO of Enterprise Community Partners and held leadership roles at JPMorgan Chase and the New York State Housing Finance Agency. | View Report → |
Stergios Theologides Executive | Executive Vice President and Chief Administrative Officer | None | Joined Fannie Mae in 2019. Previously served as EVP, General Counsel, and Corporate Secretary before transitioning to CAO in January 2024. | |
Amy E. Alving Board | Board Member | Board Member at Howmet Aerospace Inc.; Member of the Department of the Air Force Scientific Advisory Board | Appointed to Fannie Mae's Board in October 2013. Brings expertise in technology, cybersecurity, and governance. | |
Christopher J. Brummer Board | Board Member | Faculty Director at Georgetown University Law Center; Nonresident Senior Fellow at Atlantic Council; Advisor to PayPal, Paradigm Operations LP, and Digital Dollar Project | Appointed to Fannie Mae's Board in February 2021. Expert in financial technology, regulatory finance, and global economic issues. | |
Scott D. Stowell Board | Board Member | Founder, CEO, and President of Capital Thirteen LLC; Board Member at Toll Brothers, Inc.; Board Member at Pacific Mutual Holding Company; Board Member at HomeAid America | Appointed to Fannie Mae's Board in November 2024. Has nearly 40 years of experience in the homebuilding industry, including leadership roles at Standard Pacific Homes and CalAtlantic Group. |
- The provision for credit losses in the multifamily segment increased due to ARM loans that were written down and an investigation into lending transactions with suspected fraud. Can you provide more details on these ARM loans and the nature of the suspected fraud impacting the portfolio?
- With expectations of slower economic growth and the anticipated increase in the single-family serious delinquency rate due to Hurricanes Helene and Milton, how is Fannie Mae adjusting its risk management strategies to mitigate potential credit losses in the near term?
- Given that housing affordability remains a significant challenge, with only 19% of surveyed individuals believing it's a good time to buy a home, what specific initiatives is Fannie Mae implementing to address affordability issues and stimulate existing home sales?
- In light of the projected decline in multifamily market origination volumes and the expectation of rent growth remaining below historical averages, how does Fannie Mae plan to manage its multifamily portfolio to maintain profitability and support affordable housing?
- The net income decreased to $4 billion this quarter from $4.5 billion in the previous quarter, partially due to smaller fair value gains. Can you elaborate on the factors that led to the decline in fair value gains and what measures are being taken to address this in future quarters?
Research analysts covering FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE.
Recent press releases and 8-K filings for FNMA.
- Fannie Mae reported a net income of $3.9 billion in Q3 2025, an increase from $3.3 billion in Q2 2025, on net revenues of $7.3 billion.
- The company's efficiency ratio improved to 29.3% in Q3 2025 from 31.5% in Q2 2025, driven by a $65 million (7% year-on-year) reduction in administrative expenses.
- Fannie Mae provided $109 billion in liquidity to the mortgage market and helped 401,000 households to buy, refinance, or rent a home in Q3 2025, with 51% of buyers being first-time homebuyers.
- Net worth increased to $105.5 billion in Q3 2025, up from $101.6 billion in Q2 2025.
- Fannie Mae reported a net income of $3.9 billion for the third quarter of 2025, an increase from $3.3 billion in the second quarter of 2025.
- Net revenues remained stable at $7.3 billion for Q3 2025.
- The company's net worth grew to $105.5 billion as of September 30, 2025.
- The increase in net income was primarily driven by reductions in the provision for credit losses and non-interest expense. The provision for credit losses was $338 million in Q3 2025, down from $946 million in Q2 2025, and total non-interest expense decreased to $2.1 billion in Q3 2025 from $2.3 billion in Q2 2025.
- Fannie Mae's efficiency ratio improved to 29.3% in Q3 2025, compared with 31.5% in Q2 2025.
- Priscilla Almodovar has departed from her roles as President, Chief Executive Officer, and Board member, effective October 22, 2025.
- In connection with her departure, Ms. Almodovar will receive $1,200,000 (two years of her annual base salary), twelve months of subsidized medical and dental coverage, and six months of outplacement services.
- Peter Akwaboah, current Chief Operating Officer, has been appointed Acting Chief Executive Officer, subject to approval by the U.S. Federal Housing Finance Agency (FHFA).
- John Roscoe and Brandon Hamara have been appointed Co-Presidents, also subject to FHFA approval, with Mr. Hamara continuing to serve as a member of the company's Board of Directors.
- Fannie Mae announced the results of its fixed-price cash tender offers for certain Connecticut Avenue Securities (CAS) Notes.
- A total of $2,000,415,199.00 in original principal amount of Notes were validly tendered and not withdrawn.
- The offers expired on October 3, 2025, and the settlement date for accepted Notes is expected on October 7, 2025.
- The tendered amount represents 88.87% of the total original principal balance of the listed Notes.
- Following national home price growth of 5.3% in 2024, a panel of housing experts forecasts average home price growth to moderate to 2.4% in 2025 and 2.1% in 2026.
- These latest estimates for 2025 and 2026 represent downward revisions from the previous quarter's expectations of 2.9% and 2.8%, respectively.
- The forecasts are based on the Q3 2025 Fannie Mae Home Price Expectations Survey (HPES), which polled over 100 experts between August 11, 2025, and August 25, 2025.
- Fannie Mae commenced fixed-price cash tender offers for certain Connecticut Avenue Securities® (CAS) Notes on September 29, 2025.
- The offers target an aggregate original principal balance of $2,250,877,000.00 across various CAS Notes.
- The tender offers are set to expire on October 3, 2025, at 5:00 p.m. New York City time, with an expected settlement date of October 7, 2025.
- Fannie Mae has commenced fixed-price cash tender offers for any and all of certain Connecticut Avenue Securities (CAS) Notes.
- The offers cover various CAS series with a total original principal balance of $2,250,877,000.00.
- The tender offers will expire on October 3, 2025, at 5:00 p.m. New York City time, with an expected settlement date of October 7, 2025.
- BofA Securities and Wells Fargo Securities are serving as the designated lead and designated dealer managers, respectively, for the offers.
- Fannie Mae's Economic and Strategic Research (ESR) Group forecasts mortgage rates to end 2025 at 6.4 percent and 2026 at 5.9 percent.
- New and existing home sales are projected to total 4.72 million in 2025 and 5.16 million in 2026.
- Single-family mortgage originations are expected to reach $1.85 trillion in 2025 and $2.32 trillion in 2026.
- The refinance share of mortgage originations is anticipated to increase from 26 percent in 2025 to 35 percent in 2026 due to the lower mortgage rate outlook.
- Fannie Mae's August 2025 Economic and Housing Outlook forecasts total home sales for 2025 at 4.74 million units, which is relatively steady compared to the previous month's forecast of 4.85 million units.
- Existing home sales are projected to reach 4.09 million units in 2025, an increase from the 4.06 million units recorded in 2024.
- Mortgage rates are anticipated to conclude 2025 at 6.5 percent and 2026 at 6.1 percent, representing modest upward revisions from the July forecast.
- The Trump administration is moving forward with a plan to sell a 5% to 15% stake in Fannie Mae and Freddie Mac through an IPO, which could raise about $30 billion and potentially value the firms at over $500 billion.
- Both companies have remained under federal conservatorship since the 2008 financial crisis, and previous privatization efforts were unsuccessful.
- High-level discussions have occurred with Wall Street bank CEOs, and the White House is considering whether to maintain federal guarantees and oversight after the IPO.
- The proposal has led to a sharp increase in the companies’ share prices, but critics warn of risks to mortgage affordability and market stability, with congressional approval and ongoing market uncertainties potentially impeding the plan.