Q1 2024 Earnings Summary
Reported on Apr 30, 2024 (Before Market Open)
Pre-Earnings Price$1.53Last close (Apr 29, 2024)
Post-Earnings Price$1.53Open (Apr 30, 2024)
Price Change
$0.00(0.00%)
- Strong Financial Performance: Fannie Mae reported $4.3 billion in net income for Q1 2024, an increase from $3.9 billion in Q4 2023, demonstrating robust profitability and financial stability.
- Increased Net Worth Enhancing Financial Resilience: The company's net worth increased to $82 billion as of the end of March 2024 through retained earnings, bolstering its financial resilience.
- Significant Support to Housing Market and Mission Commitment: In Q1 2024, Fannie Mae provided $72 billion of liquidity to the single-family and multifamily markets, assisting 280,000 households in buying, refinancing, or renting homes. This includes helping 76,000 first-time homebuyers and supporting 89,000 units of multifamily rental housing, a significant majority of which were affordable to households earning at or below 120% of area median income.
- Multifamily property values declined 19% from the peak in July 2022 to March 2024, returning to 2021 levels.
- Elevated interest rates may reduce the ability of multifamily borrowers to refinance, potentially leading to increased defaults on balloon payments at maturity.
- A slowing economy may impact the credit performance of single-family loans, possibly leading to an increase in serious delinquency rates.
Research analysts covering FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE.