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Fannie Mae (FNMA) serves as a pivotal player in the U.S. housing finance sector, facilitating affordable homeownership and rental options for millions of Americans. As a leading source of mortgage financing, Fannie Mae partners with lenders to offer sustainable home loans and rental housing. The company’s efforts ensure the availability of the 30-year fixed-rate mortgage, providing homeowners with stable and predictable payments over the life of the loan.
Fannie Mae's core mission is to advance equitable and sustainable access to quality housing. The company's recent highlights include the sale of non-performing loans aimed at reducing retained mortgage portfolios and community impact initiatives like the Community Impact Pool (CIP). These initiatives are designed to benefit non-profit organizations, minority- and women-owned businesses, and smaller investors.
Fannie Mae actively engages in reperforming loan sales and continues to drive innovation in homebuying and renting solutions. The company's latest Home Price Index (FNM-HPI) reported a 7.4% year-over-year increase in Q1 2024, reflecting the ongoing demand and supply dynamics in the housing market. Fannie Mae's economic forecasts suggest a modest rise in home sales for 2024, despite higher mortgage rates.
The company also launched fixed-price cash tender offers for Connecticut Avenue Securities® Notes, demonstrating its proactive approach to financial management. Fannie Mae is committed to maintaining transparency with stakeholders, regularly updating its financial results and hosting informative conference calls.
Fannie Mae’s economic and strategic research group, recognized for its forecasting accuracy, continuously analyzes market trends to inform stakeholders and guide the company's strategic direction. Through responsible innovation and dedicated partnerships, Fannie Mae remains at the forefront of transforming the U.S. housing finance system.
Fannie Mae has announced an increase in its annual capital for Low-Income Housing Tax Credit (LIHTC) investments from $500 million to $850 million, effective immediately. This decision, approved by the Federal Housing Finance Agency (FHFA), aims to enhance affordable housing in underserved markets. Since returning to the LIHTC market in 2018, Fannie Mae has committed $1.8 billion to support thousands of affordable housing units across the U.S. The new cap aligns with Fannie Mae's mission to address the housing supply shortage for low- and very low-income families.
Fannie Mae (OTCQB: FNMA) has released its July 2021 Monthly Summary, detailing key metrics related to its gross mortgage portfolio, mortgage-backed securities, interest rate risk measures, and loan modifications. The report includes important data on year-to-date activities and serious delinquency rates, reflecting the company's ongoing role in supporting affordable housing in the US. Fannie Mae aims to facilitate the home buying process while managing financial risks effectively.
Fannie Mae (OTCQB: FNMA) is providing mortgage assistance and disaster relief for homeowners affected by Hurricane Ida. Homeowners can request aid through their mortgage servicer, with options for forbearance up to 90 days without contact. They may reduce or suspend payments for up to 12 months, avoiding late fees and foreclosure proceedings during this period. The Disaster Response Network offers personalized plans and help with financial relief applications. Homeowners on COVID-19 forbearance should also reach out for options.
The August 2021 commentary from Fannie Mae's Economic and Strategic Research Group indicates a modest downward revision of real GDP growth for 2021, now projected at 6.3%, influenced by COVID-19 disruptions and supply chain issues. While single-family home sales are expected to decline due to inventory constraints, total home sales are forecasted to increase by 3.1% compared to 2020. The refinance share of mortgage origination is anticipated to rise to 58% in 2021. Inflation is expected to remain around 5% by the end of 2021, with a forecasted decrease to approximately 3% by the end of 2022.
Fannie Mae (OTCQB: FNMA) has commenced marketing its twenty-second sale of reperforming loans, consisting of about 19,100 loans totaling an unpaid principal balance of approximately $2.2 billion. This initiative aims to reduce Fannie Mae's retained mortgage portfolio. Interested bidders must submit bids by September 9, 2021, and are required to offer loss mitigation options to borrowers at risk of re-defaulting. The sale is in partnership with Citigroup Global Markets. More details and registration can be found on Fannie Mae's website.
Fannie Mae (OTCQB: FNMA) will launch a feature in its Desktop Underwriter® on September 18, 2021, that includes consumers' rent payments in mortgage credit evaluations. This enhancement aims to assist renters with limited credit histories but good rent payment records, promoting homeownership opportunities. Positive rent payment history can improve eligibility without penalizing applicants for missed payments. Only consistent payments will be considered. This move addresses credit barriers, particularly for Black and Hispanic consumers, by expanding mortgage accessibility.
The Home Purchase Sentiment Index (HPSI) from Fannie Mae decreased by 3.9 points to 75.8 in July, reflecting ongoing concerns about high home prices and limited inventory. Notably, 66% of respondents believe it's a bad time to buy, while 75% think it's a good time to sell. Year-over-year, the index is up 1.6 points. The survey also shows a decline in optimism about home prices and job stability, with only 46% expecting prices to rise. These findings indicate increased pessimism among key demographics, particularly those aged 35-44.
Fannie Mae reported a net income of $7.2 billion for the second quarter of 2021, as disclosed in its Form 10-Q filing with the SEC. This performance led to comprehensive income of $7.3 billion. The financial statements are accessible on Fannie Mae's website, showcasing their commitment to affordable housing and mortgage solutions. The company held a conference call on August 3, 2021, at 8:00 a.m. ET to discuss these results. For further details, visit fanniemae.com.
Fannie Mae has released its June 2021 Monthly Summary, detailing key metrics related to its mortgage portfolio, mortgage-backed securities, and guarantees. The report includes information on interest rate risk measures, serious delinquency rates, and loan modifications, vital for assessing the company's operational performance. Fannie Mae continues to play a significant role in facilitating affordable housing in America, partnering with lenders to drive positive changes in housing finance.
Fannie Mae (OTCQB: FNMA) will report its second quarter 2021 financial results on August 3, 2021, before U.S. market opens. A conference call is set for 8:00 a.m. ET on the same day to discuss results. Investors can access the earnings report and supplemental information on the company's website. The results will be disclosed in a Form 10-Q report, with a transcript available post-call. This event is crucial for shareholders to gauge FNMA's financial performance and outlook.
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