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Fannie/Freddie Profits; Affordability Improves; Rates End Week Lower

Fannie/Freddie Profits; Affordability Improves; Rates End Week Lower

Both Fannie Mae and Freddie Mac (the GSEs) released fourth quarter and year-end results for their 2015 fiscal years this week. While both GSEs posted substantial profits for the year both were substantially lower than in 2014. Fourth quarter income in both cases was at least slightly improved. Freddie Mac regained its footing in the fourth quarter, posting a three-month comprehensive income of $1.64 billion compared to more than a half-billion in losses in Quarter Three. Fannie Mae's comprehensive income for the quarter was $2.26 billion, up only slightly from the previous period. The GSEs are not permitted to build capital beyond a buffer reserve that diminishes each year, therefore most of their quarterly profit must be paid to the U.S. Treasury in the form of dividends on senior preferred
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