Earnings summaries and quarterly performance for FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE.
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Fannie Mae Reports Increased Net Income and Improved Efficiency in Q3 2025
FNMA
Earnings
New Projects/Investments
- 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.
Oct 29, 2025, 12:00 PM
Fannie Mae Reports Q3 2025 Financial Results
FNMA
Earnings
- 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.
Oct 29, 2025, 11:22 AM
Fannie Mae Announces Executive Leadership Changes
FNMA
CEO Change
Management Change
Executive Compensation
- 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.
Oct 24, 2025, 9:00 PM
Fannie Mae Announces Results of CAS Notes Tender Offer
FNMA
- 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.
Oct 6, 2025, 4:00 PM
Fannie Mae Panel Forecasts Moderated Home Price Growth
FNMA
Demand Weakening
Guidance Update
- 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.
Sep 30, 2025, 6:45 PM
Fannie Mae Announces Tender Offer for CAS Notes
FNMA
- 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.
Sep 29, 2025, 1:03 PM
Fannie Mae Announces Tender Offer for CAS Notes
FNMA
- 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.
Sep 29, 2025, 1:00 PM
Fannie Mae forecasts mortgage rates and housing market activity for 2025 and 2026
FNMA
Guidance Update
- 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.
Sep 23, 2025, 1:30 PM
Fannie Mae Updates Economic and Housing Outlook
FNMA
Guidance Update
- 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.
Aug 19, 2025, 12:30 PM
Fannie Mae and Freddie Mac IPO Plans Announced
FNMA
New Projects/Investments
Delisting/Listing Issues
- 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.
Aug 8, 2025, 4:31 PM
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