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 $9.7 million, down $10.7 million compared with the first quarter of 2003 and core capital of $35.7 billion, a 21 percent increase over the first quarter of 2003.

 

Fannie Mae’s business volume totaled $163 billion in the first quarter of 2004, compared with $335.9 billion a year ago.

***

Send a Letter to the Editor for publication.
Send a comment or news tip to our
newsroom.
Please include the headline of the story.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Time is running out to secure your Connect Now tickets at the lowest price. Don't miss out on a chance to grow yourself and your business.Learn More×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription