Contact: Pete Bakel Resource Center: 1-800-232-6643

 202-752-2034 Exhibit 99.1

Date: November 8, 2022 

Fannie Mae Reports Net Income of $2.4 Billion for Third Quarter 2022

• $2.4 billion net income for the third quarter of 2022, with net worth reaching 

$58.8 billion as of September 30, 2022

“Our third quarter results reflect the 

changing conditions in today’s housing 

market, and in this environment we 

continue to focus on being a stable 

pillar for the market, managing risk, 

and supporting renters and 

homeowners.” 

David C. Benson, President and 

Interim Chief Executive Officer

• Net income decreased $2.2 billion in the third quarter of 2022 compared with 

the second quarter of 2022. The largest driver of this decrease was an 

increase in credit-related expense. Credit-related expense for the third quarter 

was primarily driven by lower actual and projected home prices.

• $134 billion in liquidity provided to the single-family and multifamily mortgage 

markets in the third quarter of 2022

• $92 billion of single-family home purchase acquisitions in the third quarter of 

2022, more than 45% were for first-time homebuyers

• Acquired approximately 285,000 home purchase loans and 99,000 singlefamily refinance loans during the third quarter of 2022

• Approximately 143,000 units of rental housing financed in the third quarter of 

2022, a significant majority of which were affordable to households earning at 

or below 120% of area median income, providing support for both workforce 

and affordable housing

• The U.S. weekly average 30-year fixed-rate mortgage rate increased from 

5.70% as of the end of the second quarter of 2022 to 6.70% as of the end of 

the third quarter of 2022

Q3 2022 Key Results

$58.8 Billion Net Worth $580 Billion Supporting Housing Activity

Increase of $2.4 billion in the third quarter of 2022 SF Home Purchases SF Refinancings MF Rental Units

 $6.2B

$14.6B

$25.3B

$47.4B

$58.8B

2018 2019 2020 2021 Q3 YTD

2022

$512B

$666B

$1.4T $1.4T

$580B

2018 2019 2020 2021 Q3 YTD

2022

$2.4 Billion Net Income for Q3 2022 Serious Delinquency Rates

Decrease of $2.2 billion compared with second quarter 2022 Single-Family SDQ Rate Multifamily SDQ Rate

 $4.8B

$5.2B

$4.4B $4.7B

$2.4B

Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022

1.62%

1.25% 1.01% 0.81% 0.69%

0.42% 0.42% 0.38% 0.34% 0.26%

Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022

Third Quarter 2022 Results 1
Summary of Financial Results

(Dollars in millions) Q322 Q222 Variance % Change Q321 Variance % Change

Net interest income $ 7,124 $ 7,808 $ (684) (9) % $ 6,972 $ 152 2 %

Fee and other income 105 81 24 30 % 111 (6) (5) %

Net revenues 7,229 7,889 (660) (8) % 7,083 146 2 %

Investment gains (losses), net (172) (49) (123) NM 243 (415) NM

Fair value gains (losses), net 292 529 (237) (45) % (17) 309 NM

Administrative expenses (870) (795) (75) (9) % (745) (125) (17) %

Credit-related income (expense) (2,521) (251) (2,270) NM 868 (3,389) NM

TCCA fees (850) (841) (9) (1) % (781) (69) (9) %

Credit enhancement expense (364) (332) (32) (10) % (233) (131) (56) %

Change in expected credit enhancement 

recoveries 290 (47) 337 NM (42) 332 NM

Other expenses, net (169) (228) 59 26 % (268) 99 37 %

Income before federal income taxes 2,865 5,875 (3,010) (51) % 6,108 (3,243) (53) %

Provision for federal income taxes (429) (1,222) 793 65 % (1,266) 837 66 %

Net income $ 2,436 $ 4,653 $ (2,217) (48) % $ 4,842 $ (2,406) (50) %

Total comprehensive income $ 2,433 $ 4,649 $ (2,216) (48) % $ 4,828 $ (2,395) (50) %

Net worth $ 58,840 $ 56,407 $ 2,433 4 % $ 42,173 $ 16,667 40 %

NM - Not meaningful

Financial Highlights 

Net income decreased $2.2 billion in the third quarter of 2022, compared with the second quarter of 2022, primarily 

driven by an increase in credit-related expense and a decrease in net interest income.

• Credit-related expense was $2.5 billion in the third quarter of 2022, compared with $251 million in the second 

quarter of 2022. Credit-related expense for the third quarter was primarily driven by lower actual and projected 

home prices during the quarter. 

• Net interest income was $7.1 billion in the third quarter of 2022, compared with $7.8 billion in the second quarter 

of 2022. Net interest income from the company’s guaranty book of business decreased due to a decline in net 

amortization income driven by a decrease in refinancing activity due to rising interest rates.

Third Quarter 2022 Results 2
Single-Family Business Financial Results

(Dollars in millions) Q322 Q222 Variance % Change Q321 Variance % Change

Net interest income $ 5,918 $ 6,573 $ (655) (10) % $ 5,870 $ 48 1 %

Fee and other income 83 60 23 38 % 86 (3) (3) %

Net revenues 6,001 6,633 (632) (10) % 5,956 45 1 %

Investment gains (losses), net (178) (27) (151) NM 222 (400) NM

Fair value gains (losses), net 309 543 (234) (43) % (31) 340 NM

Administrative expenses (730) (671) (59) (9) % (620) (110) (18) %

Credit-related income (expense) (2,367) (231) (2,136) NM 807 (3,174) NM

TCCA fees (850) (841) (9) (1) % (781) (69) (9) %

Credit enhancement expense (298) (270) (28) (10) % (174) (124) (71) %

Change in expected credit enhancement 

recoveries 245 (43) 288 NM (28) 273 NM

Other expenses, net (159) (199) 40 20 % (261) 102 39 %

Income before federal income taxes 1,973 4,894 (2,921) (60) % 5,090 (3,117) (61) %

Provision for federal income taxes (276) (1,008) 732 73 % (1,065) 789 74 %

Net income $ 1,697 $ 3,886 $ (2,189) (56) % $ 4,025 $ (2,328) (58) %

Average charged guaranty fee on new 

conventional acquisitions, net of TCCA 

fees

53.3 bps 51.7 bps 1.6 bps 3 % 47.3 bps 6.0 bps 13 %

Average charged guaranty fee on 

conventional guaranty book of 

business, net of TCCA fees

46.2 bps 45.9 bps 0.3 bps 1 % 45.4 bps 0.8 bps 2 %

NM - Not meaningful

Key Business Highlights 

• Single-family conventional acquisition volume was $117.7 billion in the third quarter of 2022, a decrease of 32%

compared with $172.3 billion in the second quarter of 2022. Purchase acquisition volume decreased from 

$111.0 billion in the second quarter of 2022 to $92.2 billion in the third quarter of 2022, of which more than 45%

was for first-time homebuyers. Refinance acquisition volume was $25.5 billion in the third quarter of 2022, a 

decline from $61.3 billion in the second quarter of 2022, due to the higher mortgage interest-rate environment.

• Average single-family conventional guaranty book of business in the third quarter of 2022 increased from the 

second quarter of 2022 by 0.9% driven primarily by growth in the average balance of loans acquired during the 

quarter. Credit characteristics of the single-family conventional guaranty book of business remained strong, with 

a weighted-average mark-to-market loan-to-value ratio of 50% and a weighted-average FICO credit score at 

origination of 752 as of September 30, 2022. 

• Single-family serious delinquency rate decreased to 0.69% as of September 30, 2022, from 0.81% as of 

June 30, 2022 driven by borrowers exiting forbearance through a loan workout or by otherwise reinstating their 

loan. Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure 

process.

Third Quarter 2022 Results 3
Multifamily Business Financial Results

(Dollars in millions) Q322 Q222 Variance % Change Q321 Variance % Change

Net interest income $ 1,206 $ 1,235 $ (29) (2) % $ 1,102 $ 104 9 %

Fee and other income 22 21 1 5 % 25 (3) (12) %

Net revenues 1,228 1,256 (28) (2) % 1,127 101 9 %

Fair value gains (losses), net (17) (14) (3) (21) % 14 (31) NM

Administrative expenses (140) (124) (16) (13) % (125) (15) (12) %

Credit-related income (expense) (154) (20) (134) NM 61 (215) NM

Credit enhancement expense (66) (62) (4) (6) % (59) (7) (12) %

Change in expected credit enhancement 

recoveries 45 (4) 49 NM (14) 59 NM

Other income (expenses), net* (4) (51) 47 92 % 14 (18) NM

Income before federal income taxes 892 981 (89) (9) % 1,018 (126) (12) %

Provision for federal income taxes (153) (214) 61 29 % (201) 48 24 %

Net income $ 739 $ 767 $ (28) (4) % $ 817 $ (78) (10) %

Average charged guaranty fee rate on 

multifamily guaranty book of business, 

at period end

79.0 bps 79.5 bps (0.5) bps NM 77.5 bps 1.5 bps 2 %

NM - Not meaningful

* Includes investment gains or losses and other income or expenses.

Key Business Highlights 

• New multifamily business volume was $15.9 billion during the third quarter of 2022, compared with $18.7 billion

during the second quarter of 2022. During the first nine months of 2022, new multifamily business volume was 

$50.6 billion. The Federal Housing Finance Agency (FHFA) established a 2022 multifamily volume cap of $78 

billion, of which 50% must be mission-driven, focused on certain affordable and underserved market segments, 

and 25% affordable to residents earning 60% or less of area median income.

• The multifamily guaranty book of business grew by 0.9% in the third quarter of 2022 to $429.4 billion. The 

average charged guaranty fee on the multifamily book decreased from 79.5 basis points as of June 30, 2022, to 

79.0 basis points as of September 30, 2022, but increased from 77.5 basis points from September 30, 2021.

• As of September 30, 2022, more than 95% of the loans in the company’s active multifamily guaranty book of 

business that had received a forbearance, measured by unpaid principal balance, were in a repayment plan or 

reinstated.

• The multifamily serious delinquency rate decreased to 0.26% as of September 30, 2022, compared with 0.34%

as of June 30, 2022, as recovery from COVID-19 continues. The multifamily serious delinquency rate, 

excluding loans that have received a forbearance since the start of the pandemic, was 0.04% as of September 

30, 2022. Multifamily seriously delinquent loans are loans that are 60 days or more past due. 

Third Quarter 2022 Results 4
Additional Matters

Fannie Mae’s Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations

and Comprehensive Income for the third quarter of 2022 are available in the accompanying Annex; however, 

investors and interested parties should read the company’s Third Quarter 2022 Form 10-Q, which was filed today 

with the Securities and Exchange Commission and is available on Fannie Mae’s website, www.fanniemae.com. The 

company provides further discussion of its financial results and condition, credit performance, and other matters in 

its Third Quarter 2022 Form 10-Q. Additional information about the company’s financial and credit performance is 

contained in Fannie Mae’s “Q3 2022 Financial Supplement” at www.fanniemae.com.

# # #

Fannie Mae provides website addresses in its news releases solely for readers’ information. Other content or 

information appearing on these websites is not part of this release. 

Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing 

for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation 

to make homebuying and renting easier, fairer, and more accessible. To learn more, visit fanniemae.com.

Third Quarter 2022 Results 5
ANNEX

FANNIE MAE

(In conservatorship)

 Condensed Consolidated Balance Sheets — (Unaudited)

(Dollars in millions)

As of

September 30, 

2022

December 31, 

2021

ASSETS

Cash and cash equivalents $ 35,640 $ 42,448 

Restricted cash and cash equivalents (includes $21,863 and $59,203, respectively, related to consolidated 

trusts) 27,921 66,183 

Securities purchased under agreements to resell (includes $13,150 and $13,533, respectively, related to 

consolidated trusts) 23,950 20,743 

Investments in securities:

Trading, at fair value (includes $3,275 and $4,224, respectively, pledged as collateral) 58,253 88,206 

Available-for-sale, at fair value (with an amortized cost of $744 and $827, respectively) 741 837 

Total investments in securities 58,994 89,043 

Mortgage loans:

 Loans held for sale, at lower of cost or fair value 4,177 5,134 

Loans held for investment, at amortized cost:

Of Fannie Mae 49,952 61,025 

Of consolidated trusts 4,058,901 3,907,712 

 Total loans held for investment (includes $3,691 and $4,964, respectively, at fair value) 4,108,853 3,968,737 

Allowance for loan losses (8,302) (5,629) 

Total loans held for investment, net of allowance 4,100,551 3,963,108 

Total mortgage loans 4,104,728 3,968,242 

Advances to lenders 3,443 8,414 

Deferred tax assets, net 12,729 12,715 

Accrued interest receivable, net (includes $8,902 and $8,878 related to consolidated trusts and net of 

allowance of $112 and $140, respectively) 9,478 9,264 

Acquired property, net 1,539 1,259 

Other assets 11,031 10,855 

Total assets $ 4,289,453 $ 4,229,166 

LIABILITIES AND EQUITY

Liabilities:

Accrued interest payable (includes $9,040 and $8,517, respectively, related to consolidated trusts) $ 9,650 $ 9,186 

Debt:

Of Fannie Mae (includes $1,766 and $2,381, respectively, at fair value) 129,776 200,892 

Of consolidated trusts (includes $16,758 and $21,735, respectively, at fair value) 4,078,038 3,957,299 

Other liabilities (includes $1,812 and $1,245, respectively, related to consolidated trusts) 13,149 14,432 

Total liabilities 4,230,613 4,181,809 

Commitments and contingencies (Note 13) — — 

Fannie Mae stockholders’ equity:

Senior preferred stock (liquidation preference of $177,906 and $163,672, respectively) 120,836 120,836 

Preferred stock, 700,000,000 shares are authorized—555,374,922 shares issued and outstanding 19,130 19,130 

Common stock, no par value, no maximum authorization—1,308,762,703 shares issued and 

1,158,087,567 shares outstanding 687 687 

Accumulated deficit (74,437) (85,934) 

Accumulated other comprehensive income 24 38 

Treasury stock, at cost, 150,675,136 shares (7,400) (7,400) 

Total stockholders’ equity (See Note 1: Senior Preferred Stock Purchase Agreement and Senior Preferred 

Stock for information on the related dividend obligation and liquidation preference) 58,840 47,357 

Total liabilities and equity $ 4,289,453 $ 4,229,166 

See Notes to Condensed Consolidated Financial Statements in the Third Quarter 2022 Form 10-Q

Third Quarter 2022 Results 6
FANNIE MAE

(In conservatorship)

 Condensed Consolidated Statements of Operations and Comprehensive Income — (Unaudited)

(Dollars in millions, except per share amounts)

For the Three Months 

Ended September 30,

For the Nine Months 

Ended September 30,

2022 2021 2022 2021

Interest income:

Trading securities $ 515 $ 134 $ 980 $ 396 

Available-for-sale securities 10 11 29 48 

Mortgage loans 30,114 24,798 86,338 73,083 

Securities purchased under agreements to resell 171 5 205 17 

Other 40 33 93 106 

Total interest income 30,850 24,981 87,645 73,650 

Interest expense:

Short-term debt (17) — (23) (4) 

Long-term debt (23,709) (18,009) (65,291) (51,646) 

Total interest expense (23,726) (18,009) (65,314) (51,650) 

Net interest income 7,124 6,972 22,331 22,000 

Benefit (provision) for credit losses (2,536) 937 (2,994) 4,290 

Net interest income after benefit (provision) for credit losses 4,588 7,909 19,337 26,290 

Investment gains (losses), net (172) 243 (323) 934 

Fair value gains (losses), net 292 (17) 1,301 321 

Fee and other income 105 111 269 301 

Non-interest income 225 337 1,247 1,556 

Administrative expenses:

Salaries and employee benefits (439) (376) (1,244) (1,128) 

Professional services (229) (184) (636) (582) 

Other administrative expenses (202) (185) (593) (529) 

Total administrative expenses (870) (745) (2,473) (2,239) 

Foreclosed property income (expense) 15 (69) 21 (105) 

TCCA fees (850) (781) (2,515) (2,270) 

Credit enhancement expense (364) (233) (974) (791) 

Change in expected credit enhancement recoveries 290 (42) 303 (117) 

Other expenses, net (169) (268) (633) (867) 

Total expenses (1,948) (2,138) (6,271) (6,389) 

Income before federal income taxes 2,865 6,108 14,313 21,457 

Provision for federal income taxes (429) (1,266) (2,816) (4,470) 

Net income 2,436 4,842 11,497 16,987 

Other comprehensive loss:

Changes in unrealized losses on available-for-sale securities, net of 

reclassification adjustments and taxes (1) (10) (8) (64) 

Other, net of taxes (2) (4) (6) (9) 

Total other comprehensive loss (3) (14) (14) (73) 

Total comprehensive income $ 2,433 $ 4,828 $ 11,483 $ 16,914 

Net income $ 2,436 $ 4,842 $ 11,497 $ 16,987 

Dividends distributed or amounts attributable to senior preferred stock (2,433) (4,828) (11,483) (16,914) 

Net income attributable to common stockholders $ 3 $ 14 $ 14 $ 73 

Earnings per share:

Basic $ 0.00 $ 0.00 $ 0.00 $ 0.01 

Diluted 0.00 0.00 0.00 0.01 

Weighted-average common shares outstanding:

Basic 5,867 5,867 5,867 5,867 

Diluted 5,893 5,893 5,893 5,893 

See Notes to Condensed Consolidated Financial Statements in the Third Quarter 2022 Form 10-Q

Third Quarter 2022 Results 7