Q4 2023 Earnings Summary
Reported on Feb 15, 2024 (Before Market Open)
Pre-Earnings Price$1.29Last close (Feb 14, 2024)
Post-Earnings Price$1.30Open (Feb 15, 2024)
Price Change
$0.01(+0.78%)
- Fannie Mae's net income increased significantly to $17.4 billion in 2023 from $12.9 billion in 2022, demonstrating strong financial performance.
- The company's net worth grew to nearly $78 billion at the end of the year, bolstering its financial stability and enabling it to provide reliable mortgage credit.
- The single-family serious delinquency rate remained near historically low levels at 55 basis points, reflecting strong credit quality in the loan portfolio.
- Decline in Multifamily Loan Acquisitions: Fannie Mae's multifamily loan acquisitions decreased by 24% in 2023, totaling $53 billion, due to market uncertainty and high interest rates.
- Increase in Multifamily Serious Delinquency Rate: The multifamily serious delinquency rate increased to 46 basis points as of December 31, 2023, up from 24 basis points the previous year, driven by stress in seniors housing loans.
- Expected Decline in Multifamily Housing Starts and Rent Growth: Fannie Mae expects multifamily housing starts to decline in 2024 and projects rent growth to remain below recent averages at 1% to 1.5%, due to elevated interest rates, abundant supply in some markets, and anticipated slowing job growth.
Research analysts covering FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE.