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.
We have taken actions to improve our financial performance, build a profitable new book of business‚ and reduce losses on our legacy book. We reported $8.1 billion in net income for the first quarter of 2013‚ our fifth consecutive quarterly profit and the largest quarterly pre-tax income in our history. Improvement in our financial results and other factors enabled us to release a $50.6 billion valuation allowance on deferred tax assets, resulting in net income of $58.7 billion for the first quarter.
From January 1, 2009 through March 31, 2013, Fannie Mae provided $3.5 trillion in mortgage credit, which enabled 2.9 million home purchases and 10.6 million mortgage refinancings. We also enabled financing for more than 1.8 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 avoid foreclosure – more than 1.3 million from 2009 through March 31, 2013. We work with mortgage servicers to reach at-risk homeowners early‚ helping them stay in their homes.