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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 11/02/2018
Entire Document
 
 
MD&A | Business Segments


FHFA’s 2018 conservatorship scorecard includes an objective to maintain the dollar volume of new multifamily business at or below $35 billion, excluding certain targeted affordable and underserved market business segments. Approximately 42% of our multifamily new business volume of $44.0 billion for the first nine months of 2018 counted toward FHFA’s 2018 multifamily volume cap.
The chart below displays our multifamily MBS outstanding as of September 30, 2018 compared with December 31, 2017.
Multifamily Fannie Mae MBS Outstanding
(Dollars in billions)
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=12526611&doc=14
Multifamily Business Financial Results
Multifamily Business Financial Results
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2018
 
2017
 
Variance
 
2018
 
2017
 
Variance
 
(Dollars in millions)
Net interest income
$
699

 
$
647

 
$
52

 
$
2,024

 
$
1,873

 
$
151

Fee and other income
192

 
189

 
3

 
524

 
604

 
(80
)
Net revenues
891

 
836

 
55

 
2,548

 
2,477

 
71

Fair value gains (losses), net
(31
)
 
11

 
(42
)
 
(69
)
 
(23
)
 
(46
)
Administrative expenses
(104
)
 
(84
)
 
(20
)
 
(317
)
 
(253
)
 
(64
)
Credit-related expense(1)
(25
)
 
(28
)
 
3

 
(6
)
 
(23
)
 
17

Other expenses, net(2)
(75
)
 
(80
)
 
5

 
(209
)
 
(237
)
 
28

Income before federal income taxes
656

 
655

 
1

 
1,947

 
1,941

 
6

Provision for federal income taxes
(107
)
 
(164
)
 
57

 
(314
)
 
(481
)
 
167

Net income
$
549

 
$
491

 
$
58

 
$
1,633

 
$
1,460

 
$
173

__________
(1) 
Consists of the provision for credit losses and foreclosed property income (expense).
(2) 
Consists of investment gains, gains (losses) on partnership investments and other income (expenses).
Net interest income
Multifamily net interest income increased in the third quarter and first nine months of 2018 compared with the third quarter and first nine months of 2017, primarily due to continued growth of our multifamily guaranty book of business.

Fannie Mae Third Quarter 2018 Form 10-Q
39