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Federal National Mortgage Association (FNMA-1.75%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net revenues of $29.1 billion, which were relatively flat compared to $29.0 billion in 2023. Net income for 2024 was $17.0 billion, down from $17.4 billion in 2023, primarily due to a decrease in benefit for credit losses.
The company reported a benefit for credit losses of $186 million in 2024, a decrease from $1.7 billion in 2023. This decline was mainly driven by a lower single-family benefit due to stronger alignment between actual home price growth and forecasts.
Net interest income was $28.7 billion, slightly down from $28.8 billion in 2023. This was influenced by lower deferred guaranty fee income, partially offset by higher base guaranty fees and lower hedge accounting expenses.
The company’s total assets were $4.35 trillion as of December 31, 2024, with a net worth increase of $17.0 billion, bringing the total to $94.7 billion.
Fannie Mae's single-family business reported net income of $14.4 billion, a decrease from $14.9 billion in 2023, while the multifamily business reported net income of $2.5 billion, slightly down from $2.6 billion in 2023.
The company remains under conservatorship, with the Federal Housing Finance Agency acting as conservator. The senior preferred stock purchase agreement with the U.S. Department of the Treasury continues to significantly restrict business activities and stockholder rights.
Fannie Mae's guaranty book of business was $4.14 trillion as of December 31, 2024, with a single-family conventional guaranty book of $3.63 trillion and a multifamily guaranty book of $502 billion.
The company continues to focus on managing credit risk, with strategies including loan acquisition policies, credit risk transfer transactions, and loss mitigation activities.
Fannie Mae's capital requirements under the enterprise regulatory capital framework remain significantly below the required levels, with a $227 billion shortfall to the risk-based adjusted total capital requirement as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Federal National Mortgage Association annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.