Fannie Mae today reported a loss of 2.1 percent in its first quarter net income, dropping to $1.9 million from $1.94 million the first quarter of 2003. Diluted earnings per share dropped 1.6 percent to $1.90 from $1.93 a year ago. The company attributed the drop in net income to several factors including a 5.1 percent decline in net interest income and a $111.1 million drop in fee and other income. Core business earnings totaled $2.02 million, a 9.2 percent increase over the first quarter of last year. The company also reported a 7.6 percent decline in its mortgage portfolio on an annualized basis; a 14.8 percent increase in mortgage-backed securities; guaranty fee income of $736.9 million, a 34.8 percent increase over the first quarter of 2003; credit losses of...
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