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

 202-752-2034 

Date: February 15, 2024 

Fannie Mae Reports Net Income of $17.4 Billion for 2023 and 

$3.9 Billion for Fourth Quarter 2023

• $17.4 billion annual net income and $3.9 billion fourth quarter 2023 net income, 

with net worth reaching $77.7 billion as of December 31, 2023

“The fourth quarter capped another 

successful year. Fannie Mae reported 

$3.9 billion in net income, marking our 

twenty-fourth consecutive quarter of 

positive earnings. In 2023, we delivered 

$17.4 billion in earnings and continued to 

rebuild our capital and further strengthen 

our financial stability. It was a challenging 

year for housing, with higher mortgage 

rates, limited homes for sale, and high 

home prices weighing on affordability. 

Against this backdrop, we provided $369 

billion in liquidity, helping 1.5 million 

households buy, refinance, or rent a 

home. As we close on our 85th year 

supporting America’s housing system, we 

remain committed to effectively 

managing risks and being a reliable 

source of mortgage credit for America’s 

homeowners and renters.” 

Priscilla Almodovar 

Chief Executive Officer

• Net income increased $4.5 billion in 2023 compared with 2022, primarily driven 

by a $7.9 billion shift to a benefit for credit losses in 2023 from provision for credit 

losses in 2022

• $369 billion in liquidity provided in 2023, which enabled the financing of 

approximately 1.5 million home purchases, refinancings, and rental units

• Acquired approximately 805,000 single-family purchase loans, of which more 

than 45% were for first-time homebuyers, and approximately 179,000 singlefamily refinance loans during 2023

• Financed approximately 482,000 units of multifamily rental housing in 2023; a 

significant majority were affordable to households earning at or below 120% of 

area median income, providing support for both workforce and affordable housing

• Home prices grew 7.1% on a national basis in 2023 according to the Fannie Mae 

Home Price Index

• The U.S. weekly average 30-year fixed-rate mortgage rate increased from 6.42%

as of the end of 2022 to 6.61% as of the end of 2023

Q4 and Full Year 2023 Key Results

$77.7 Billion Net Worth $369 Billion Supporting Housing Activity

Increase of $17.4 billion in 2023 SF Home Purchases SF Refinancings MF Rental Units

 

$14.6B

$25.3B

$47.4B

$60.3B

$77.7B

2019 2020 2021 2022 2023

$666B

$1.4T $1.4T

$684B

$369B

2019 2020 2021 2022 2023

$3.9 Billion Net Income for Q4 2023 Serious Delinquency Rates

Decrease of $756 million compared with third quarter 2023 Single-Family SDQ Rate Multifamily SDQ Rate

 

$1.4B

$3.8B

$5.0B $4.7B

$3.9B

Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023

0.65% 0.59% 0.55% 0.54% 0.55%

0.24% 0.35% 0.37%

0.54% 0.46%

Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023

Fourth Quarter and Full Year 2023 Results 1
Summary of Financial Results

(Dollars in millions) 2023 2022 Variance

% 

Change Q423 Q323 Variance

% 

Change

Net interest income $ 28,773 $ 29,423 $ (650) (2) % $ 7,732 $ 7,220 $ 512 7 %

Fee and other income 275 312 (37) (12) % 66 76 (10) (13) %

Net revenues 29,048 29,735 (687) (2) % 7,798 7,296 502 7 %

Investment gains (losses), net (53) (297) 244 82 % (19) 8 (27) NM

Fair value gains (losses), net 1,304 1,284 20 2 % (99) 795 (894) NM

Administrative expenses (3,604) (3,329) (275) (8) % (975) (897) (78) (9) %

Benefit (provision) for credit 

losses 1,670 (6,277) 7,947 NM (116) 652 (768) NM

TCCA fees (3,431) (3,369) (62) (2) % (860) (860) — — %

Credit enhancement expense(1) (1,512) (1,323) (189) (14) % (397) (390) (7) (2) %

Change in expected credit 

enhancement recoveries (193) 727 (920) NM (25) (128) 103 80 %

Other expenses, net(2) (1,273) (918) (355) (39) % (351) (535) 184 34 %

Income before federal income 

taxes 21,956 16,233 5,723 35 % 4,956 5,941 (985) (17) %

Provision for federal income 

taxes (4,548) (3,310) (1,238) (37) % (1,013) (1,242) 229 18 %

Net income $ 17,408 $ 12,923 $ 4,485 35 % $ 3,943 $ 4,699 $ (756) (16) %

Total comprehensive income $ 17,405 $ 12,920 $ 4,485 35 % $ 3,957 $ 4,681 $ (724) (15) %

Net worth $ 77,682 $ 60,277 $ 17,405 29 % $ 77,682 $ 73,725 $ 3,957 5 %

NM - Not meaningful

(1) Consists of costs associated with freestanding credit enhancements, which primarily include the company’s Connecticut Avenue Securities®

and Credit Insurance Risk TransferTM programs, enterprise-paid mortgage insurance, and certain lender risk-sharing programs.

(2) Consists of debt extinguishment gains and losses, expenses associated with legal claims, foreclosed property income (expense), gains and 

losses from partnership investments, housing trust fund expenses, loan subservicing costs, and servicer fees paid in connection with certain 

loss mitigation activities.

Financial Highlights 

Net income increased $4.5 billion in 2023 compared with 2022, primarily driven by a $7.9 billion shift to a benefit 

for credit losses in 2023 from provision for credit losses in 2022.

• Net interest income remained strong in 2023 primarily driven by guaranty fee income. While the company’s 

base guaranty fee income grew slightly in 2023, higher interest rates during the year drove a decline in deferred 

guaranty fee income due to lower refinance activity. This was offset by an increase in income due to higher 

yields on securities in the company’s corporate liquidity portfolio.

• Benefit for credit losses was $1.7 billion in 2023, compared with a provision of $6.3 billion in 2022. The benefit 

for credit losses in 2023 reflects a $2.2 billion single-family benefit for credit losses, partially offset by a $495 

million multifamily provision for credit losses. The $6.3 billion provision for credit losses in 2022 reflected a $5.0 

billion single-family provision for credit losses and a $1.2 billion multifamily provision for credit losses. 

• The single-family benefit for credit losses in 2023 was primarily driven by a benefit from actual and 

forecasted home price growth, partially offset by a provision driven by the overall credit risk profile of the 

company’s newly acquired single-family loans and a provision relating to the redesignation of certain 

single-family loans from held for investment to held for sale.

• The multifamily provision for credit losses in 2023 was primarily driven by changes in loan activity and 

declining property values on the company’s overall multifamily guaranty book. The company’s seniors 

housing loans were not a driver of its multifamily provision for credit losses in 2023; however, the 

company’s allowance for seniors housing loans remained elevated as of December 31, 2023.

•

Fourth Quarter and Full Year 2023 Results 2
Single-Family Business Financial Results

(Dollars in millions) 2023 2022 Variance

% 

Change Q423 Q323 Variance

% 

Change

Net interest income $ 24,229 $ 24,736 $ (507) (2) % $ 6,566 $ 6,074 $ 492 8 %

Fee and other income 205 224 (19) (8) % 49 56 (7) (13) %

Net revenues 24,434 24,960 (526) (2) % 6,615 6,130 485 8 %

Investment gains (losses), net (41) (223) 182 82 % (6) 9 (15) NM

Fair value gains (losses), net 1,231 1,364 (133) (10) % (137) 742 (879) NM

Administrative expenses (2,993) (2,789) (204) (7) % (810) (745) (65) (9) %

Benefit (provision) for credit 

losses 2,165 (5,029) 7,194 NM (36) 736 (772) NM

TCCA fees (3,431) (3,369) (62) (2) % (860) (860) — — %

Credit enhancement expense (1,281) (1,062) (219) (21) % (332) (335) 3 1 %

Change in expected credit 

enhancement recoveries (310) 470 (780) NM (12) (170) 158 93 %

Other expenses, net (984) (778) (206) (26) % (254) (411) 157 38 %

Income before federal income 

taxes 18,790 13,544 5,246 39 % 4,168 5,096 (928) (18) %

Provision for federal income 

taxes (3,935) (2,774) (1,161) (42) % (864) (1,071) 207 19 %

Net income $ 14,855 $ 10,770 $ 4,085 38 % $ 3,304 $ 4,025 $ (721) (18) %

Average charged guaranty 

fee on new conventional 

acquisitions, net of TCCA 

fees

53.2 bps 49.4 bps 3.8 bps 8 % 54.3 bps 54.3 bps — bps — %

Average charged guaranty 

fee on conventional guaranty 

book of business, net of 

TCCA fees

46.9 bps 46.2 bps 0.7 bps 2 % 47.2 bps 47.0 bps 0.2 bps — %*

NM - Not meaningful

* Represents less than 0.5%

Key Business Highlights 

• Single-family conventional acquisition volume was $316.0 billion in 2023, compared with $614.8 billion in 2022. 

Purchase acquisition volume, of which more than 45% was for first-time homebuyers, decreased to 

$272.8 billion in 2023 from $378.0 billion in 2022. Refinance acquisition volume was $43.2 billion in 2023, a 

decrease from $236.9 billion in 2022. 

• The average single-family conventional guaranty book of business increased by 1.4% to $3.6 trillion in 2023

compared with 2022, driven by an increase in the average loan size of the book. The overall credit 

characteristics of the single-family conventional guaranty book of business remained strong, with a weightedaverage mark-to-market loan-to-value ratio of 51% and a weighted-average FICO credit score at origination of 

753 as of December 31, 2023. 

• The average charged guaranty fee, net of TCCA fees, on the single-family conventional guaranty book 

increased by 0.7 basis points to 46.9 basis points in 2023, primarily as a result of higher base guaranty fees 

charged on new acquisitions. The average charged guaranty fee on newly acquired single-family conventional 

loans, net of TCCA fees, increased by 3.8 basis points to 53.2 basis points in 2023. 

• The single-family serious delinquency rate decreased to 0.55% as of December 31, 2023 from 0.65% as of 

December 31, 2022. Single-family seriously delinquent loans are loans that are 90 days or more past due or in 

the foreclosure process.

Fourth Quarter and Full Year 2023 Results 3
Multifamily Business Financial Results

(Dollars in millions) 2023 2022 Variance

% 

Change Q423 Q323 Variance

% 

Change

Net interest income $ 4,544 $ 4,687 $ (143) (3) % $ 1,166 $ 1,146 $ 20 2 %

Fee and other income 70 88 (18) (20) % 17 20 (3) (15) %

Net revenues 4,614 4,775 (161) (3) % 1,183 1,166 17 1 %

Fair value gains (losses), net 73 (80) 153 NM 38 53 (15) (28) %

Administrative expenses (611) (540) (71) (13) % (165) (152) (13) (9) %

Provision for credit losses (495) (1,248) 753 60 % (80) (84) 4 5 %

Credit enhancement expense (231) (261) 30 11 % (65) (55) (10) (18) %

Change in expected credit 

enhancement recoveries 117 257 (140) (54) % (13) 42 (55) NM

Other expenses, net* (301) (214) (87) (41) % (110) (125) 15 12 %

Income before federal income 

taxes 3,166 2,689 477 18 % 788 845 (57) (7) %

Provision for federal income 

taxes (613) (536) (77) (14) % (149) (171) 22 13 %

Net income $ 2,553 $ 2,153 $ 400 19 % $ 639 $ 674 $ (35) (5) %

Average charged guaranty 

fee rate on multifamily 

guaranty book of business, at 

period end 

76.1 bps 78.5 bps (2.4) bps (3) % 76.1 bps 76.8 bps (0.7) bps (1) %

NM - Not meaningful

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

Key Business Highlights 

• New multifamily business volume was $52.9 billion in 2023, compared with $69.2 billion in 2022. 

• The multifamily guaranty book of business grew by 7% in 2023 to $470.4 billion driven by the company’s 

acquisitions combined with low prepayment volumes due to the high interest rate environment. 

• The average charged guaranty fee on the multifamily guaranty book declined by 2.4 basis points to 76.1 basis 

points in 2023, primarily due to lower average charged fees on the company’s 2023 acquisitions as compared 

with the existing loans in the multifamily guaranty book of business.

• The multifamily serious delinquency rate increased to 0.46% as of December 31, 2023, compared with 0.24%

as of December 31, 2022, primarily driven by stress in the company’s seniors housing loans. Multifamily 

seriously delinquent loans are loans that are 60 days or more past due.

• Fannie Mae is subject to an annual multifamily loan purchase cap set by FHFA. For 2024, FHFA reduced the 

multifamily volume cap to $70 billion from the $75 billion cap applicable for 2023. Consistent with the 2023 cap, 

a minimum of 50% of the company’s 2024 multifamily loan purchases must be mission-driven, focused on 

specified affordable and underserved market segments. For 2024, FHFA has exempted from the volume cap 

loans financing workforce housing properties meeting specified criteria that preserve long-term affordability for 

the properties. The company’s 2023 multifamily business volume remained below the applicable cap and it met 

the mission requirements established by FHFA.

Fourth Quarter and Full Year 2023 Results 4
Additional Matters

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

Income for the full year of 2023 are available in the accompanying Annex; however, investors and interested parties 

should read the company’s annual report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”), 

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 2023 Form 10-K. Additional information about the company’s financial and 

credit performance is contained in Fannie Mae’s “Q4 and Full Year 2023 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.

Fourth Quarter and Full Year 2023 Results 5
ANNEX

FANNIE MAE

(In conservatorship)

 Consolidated Balance Sheets

(Dollars in millions)

As of December 31,

2023 2022

ASSETS

Cash and cash equivalents $ 35,817 $ 57,987 

Restricted cash and cash equivalents (includes $25,836 and $23,348, respectively, related to 

consolidated trusts) 32,889 29,854 

Securities purchased under agreements to resell (includes $0 and $3,475, respectively, related to 

consolidated trusts) 30,700 14,565 

Investments in securities, at fair value 53,116 50,825 

Mortgage loans:

Loans held for sale, at lower of cost or fair value 2,149 2,033 

Loans held for investment, at amortized cost:

Of Fannie Mae 48,199 52,081 

Of consolidated trusts 4,094,013 4,071,669 

Total loans held for investment (includes $3,315 and $3,645, respectively, at fair value) 4,142,212 4,123,750 

Allowance for loan losses (8,730) (11,347) 

 Total loans held for investment, net of allowance 4,133,482 4,112,403 

 Total mortgage loans 4,135,631 4,114,436 

Advances to lenders 1,389 1,502 

Deferred tax assets, net 11,681 12,911 

Accrued interest receivable, net (includes $10,132 and $9,241 related to consolidated trusts and net of 

allowance of $25 and $111, respectively) 10,724 9,821 

Other assets 13,490 13,387 

Total assets $ 4,325,437 $ 4,305,288 

LIABILITIES AND EQUITY

Liabilities:

Accrued interest payable (includes $10,212 and $9,347, respectively, related to consolidated trusts) $ 10,931 $ 9,917 

Debt:

Of Fannie Mae (includes $761 and $1,161, respectively, at fair value) 124,065 134,168 

Of consolidated trusts (includes $14,343 and $16,260, respectively, at fair value) 4,098,653 4,087,720 

Other liabilities (includes $1,713 and $1,748, respectively, related to consolidated trusts) 14,106 13,206 

Total liabilities 4,247,755 4,245,011 

Commitments and contingencies (Note 17) — — 

Fannie Mae stockholders’ equity:

Senior preferred stock (liquidation preference of $195,224 and $180,339, 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 (55,603) (73,011) 

Accumulated other comprehensive income 32 35 

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

Total stockholders’ equity (See Note 2: Senior Preferred Stock Purchase Agreement, Senior Preferred 

Stock and Warrant for information on the related dividend obligation and liquidation preference) 77,682 60,277 

Total liabilities and equity $ 4,325,437 $ 4,305,288 

See Notes to Consolidated Financial Statements in the 2023 Form 10-K

Fourth Quarter and Full Year 2023 Results 6
FANNIE MAE

(In conservatorship)

 Consolidated Statements of Operations and Comprehensive Income

(Dollars in millions, except per share amounts)

For the Year Ended December 31,

2023 2022 2021

Interest income:

Investments in securities $ 4,158 $ 1,828 $ 582 

Mortgage loans 133,234 117,813 98,930 

Other 2,322 656 163 

Total interest income 139,714 120,297 99,675 

Interest expense:

Short-term debt (672) (76) (4) 

Long-term debt (110,269) (90,798) (70,084) 

Total interest expense (110,941) (90,874) (70,088) 

Net interest income 28,773 29,423 29,587 

Benefit (provision) for credit losses 1,670 (6,277) 5,130 

Net interest income after benefit (provision) for credit losses 30,443 23,146 34,717 

Investment gains (losses), net (53) (297) 1,352 

Fair value gains, net 1,304 1,284 155 

Fee and other income 275 312 361 

Non-interest income 1,526 1,299 1,868 

Administrative expenses:

Salaries and employee benefits (1,906) (1,671) (1,493) 

Professional services (850) (850) (817) 

Other administrative expenses (848) (808) (755) 

Total administrative expenses (3,604) (3,329) (3,065) 

TCCA fees (3,431) (3,369) (3,071) 

Credit enhancement expense (1,512) (1,323) (1,051) 

Change in expected credit enhancement recoveries (193) 727 (194) 

Other expenses, net (1,273) (918) (1,255) 

Total expenses (10,013) (8,212) (8,636) 

Income before federal income taxes 21,956 16,233 27,949 

Provision for federal income taxes (4,548) (3,310) (5,773) 

Net income 17,408 12,923 22,176 

Other comprehensive loss (3) (3) (78) 

Total comprehensive income $ 17,405 $ 12,920 $ 22,098 

Net income $ 17,408 $ 12,923 $ 22,176 

Dividends distributed or amounts attributable to senior preferred stock (17,405) (12,920) (22,098) 

Net income attributable to common stockholders $ 3 $ 3 $ 78 

Earnings per share:

Basic $ 0.00 $ 0.00 $ 0.01 

Diluted 0.00 0.00 0.01 

Weighted-average common shares outstanding:

Basic 5,867 5,867 5,867 

Diluted 5,893 5,893 5,893 

See Notes to Consolidated Financial Statements in the 2023 Form 10-K

Fourth Quarter and Full Year 2023 Results 7