Fannie Mae, the nation's largest mortgage buyer, reported increased earnings for the fourth quarter and 2003 as a whole, driven by strong growth in net interest income and a decline in mark-to-market losses on purchased loans. The finance giant reported net income of $7.91 billion for 2003, up 71.1 percent over reported net income of $4.62 billion in 2002. Diluted earnings per share were $7.91 in 2003, up 75 percent from $4.52 in 2002. For the fourth quarter of 2003 Fannie Mae's reported net income was $2.2 billion, or $2.21 a share, compared with $952 million, or $0.94 a share, for the fourth quarter of 2002. Core business earnings for 2003 totaled $7.31 billion, a 14.3 percent increase over core business earnings of $6.4 billion in 2002. Core business diluted EPS for 2003 were $7.29, or 15.7 percent above 2002. Core business earnings for the fourth quarter of 2003 totaled $1.78 billion, or $1.77 a share, compared with $1.67 billion, or $1.66 a share, for the fourth quarter o...
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