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

 202-752-2034 

Date: February 14, 2023 

Fannie Mae Reports Net Income of $12.9 Billion for 2022 and 

$1.4 Billion for Fourth Quarter 2022

• $12.9 billion annual net income and $1.4 billion fourth quarter 2022 net income, 

with net worth reaching $60.3 billion as of December 31, 2022

“Our 2022 results reflect a housing 

market in transition. We’re proud that 

Fannie Mae helped approximately 2.6 

million households buy, refinance, or 

rent a home last year, while generating 

solid earnings and continuing to build 

our net worth. 

We expect there will be economic 

headwinds in 2023 and that housing 

affordability will continue to remain a 

challenge for many homebuyers and 

renters. We also know that Fannie Mae 

has the capabilities and dedication to 

help provide liquidity and stability, and to 

support homebuyers and renters 

throughout all economic cycles.”

Priscilla Almodovar, Chief Executive 

Officer

• Net income decreased $9.3 billion in 2022 compared with 2021, primarily driven 

by a $11.4 billion shift to provision for credit losses and a $1.6 billion shift to 

investment losses, partially offset by a $1.1 billion increase in fair value gains

• $684 billion in liquidity provided to the mortgage market in 2022

• Acquired approximately 1,151,000 single-family purchase loans, of which more 

than 45% were for first-time homebuyers, and 886,000 single-family refinance 

loans during 2022

• Approximately 598,000 units of rental housing financed in 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

• Home price growth on a national basis decreased from 18.6% in 2021 to 9.2% in 

2022; annual home price growth in 2022 reflected home price increases in the 

first half of 2022, partially offset by home price declines of 1.4% in the second half 

of 2022

• The U.S. weekly average 30-year fixed-rate mortgage rate increased from 3.11%

as of the end of 2021 to 6.42% as of the end of 2022

Q4 and Full Year 2022 Key Results

$60.3 Billion Net Worth $684 Billion Supporting Housing Activity

Increase of $12.9 billion in 2022 SF Home Purchases SF Refinancings MF Rental Units

 $6.2B

$14.6B

$25.3B

$47.4B

$60.3B

2018 2019 2020 2021 2022

$512B

$666B

$1.4T $1.4T

$684B

2018 2019 2020 2021 2022

$1.4 Billion Net Income for Q4 2022 Serious Delinquency Rates

Decrease of $1.0 billion compared with third quarter 2022 Single-Family SDQ Rate Multifamily SDQ Rate

 $5.2B

$4.4B $4.7B

$2.4B

$1.4B

Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022

1.25% 1.01% 0.81% 0.69% 0.65%

0.42% 0.38% 0.34% 0.26% 0.24%

Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022

Fourth Quarter and Full Year 2022 Results 1
Summary of Financial Results

(Dollars in millions) 2022 2021 Variance

% 

Change Q422 Q322 Variance

% 

Change

Net interest income $ 29,423 $ 29,587 $ (164) (1) % $ 7,092 $ 7,124 $ (32) — %

Fee and other income 312 361 (49) (14) % 43 105 (62) (59) %

Net revenues 29,735 29,948 (213) (1) % 7,135 7,229 (94) (1) %

Investment gains (losses), net (297) 1,352 (1,649) NM 26 (172) 198 NM

Fair value gains (losses), net 1,284 155 1,129 NM (17) 292 (309) NM

Administrative expenses (3,329) (3,065) (264) (9) % (856) (870) 14 2 %

Benefit (provision) for credit 

losses (6,277) 5,130 (11,407) NM (3,283) (2,536) (747) (29) %

TCCA fees (3,369) (3,071) (298) (10) % (854) (850) (4) — %

Credit enhancement expense (1,323) (1,051) (272) (26) % (349) (364) 15 4 %

Change in expected credit 

enhancement recoveries 727 (194) 921 NM 424 290 134 46 %

Other expenses, net* (918) (1,255) 337 27 % (306) (154) (152) (99) %

Income before federal income 

taxes 16,233 27,949 (11,716) (42) % 1,920 2,865 (945) (33) %

Provision for federal income 

taxes (3,310) (5,773) 2,463 43 % (494) (429) (65) (15) %

Net income $ 12,923 $ 22,176 $ (9,253) (42) % $ 1,426 $ 2,436 $ (1,010) (41) %

Total comprehensive income $ 12,920 $ 22,098 $ (9,178) (42) % $ 1,437 $ 2,433 $ (996) (41) %

Net worth $ 60,277 $ 47,357 $ 12,920 27 % $ 60,277 $ 58,840 $ 1,437 2 %

NM - Not meaningful

* Other expenses, net consists of debt extinguishment gains (losses), foreclosed property income (expense), gains (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 decreased $9.3 billion in 2022, compared with 2021, primarily driven by a $11.4 billion shift from 

benefit for credit losses to provision for credit losses and a $1.6 billion shift from investment gains to investment 

losses, partially offset by a $1.1 billion increase in fair value gains.

• Net interest income was relatively flat in 2022 compared with 2021, as lower amortization income was offset by 

higher income from portfolios and higher base guaranty fee income.

• Provision for credit losses was $6.3 billion in 2022, compared with a benefit for credit losses of $5.1 billion in 

2021. 

• Single-family provision in 2022 was primarily driven by decreases in forecasted home prices, the overall 

credit risk profile of the company’s newly acquired loans, and rising interest rates. 

• Multifamily provision in 2022 was primarily driven by an increase in expected credit losses on the 

company’s seniors housing portfolio, which has been disproportionately impacted by recent market 

conditions, as well as higher actual and projected interest rates.

• Investment losses were $297 million in 2022, compared with investment gains of $1.4 billion in 2021. Net 

investment losses in 2022 were primarily driven by a significant decrease in the market value of single-family 

loans that resulted in valuation losses on loans held-for-sale at period-end, as well as lower prices on loans 

sold during the year.

• Fair value gains were $1.3 billion in 2022, compared with $155 million in 2021. Fair value gains in 2022 were 

primarily driven by the impact of rising interest rates and widening of the secondary spread, which led to price 

declines. As a result of the price declines, the company recognized gains on its commitments to sell mortgagerelated securities and long-term debt of consolidated trusts held at fair value. These gains were partially offset 

by fair value losses on fixed-rate trading securities.

Fourth Quarter and Full Year 2022 Results 2
Single-Family Business Financial Results

(Dollars in millions) 2022 2021 Variance

% 

Change Q422 Q322 Variance

% 

Change

Net interest income $ 24,736 $ 25,429 $ (693) (3) % $ 5,990 $ 5,918 $ 72 1 %

Fee and other income 224 269 (45) (17) % 20 83 (63) (76) %

Net revenues 24,960 25,698 (738) (3) % 6,010 6,001 9 — %

Investment gains (losses), net (223) 1,392 (1,615) NM 48 (178) 226 NM

Fair value gains (losses), net 1,364 167 1,197 NM (15) 309 (324) NM

Administrative expenses (2,789) (2,557) (232) (9) % (705) (730) 25 3 %

Benefit (provision) for credit 

losses (5,029) 4,600 (9,629) NM (2,192) (2,361) 169 7 %

TCCA fees (3,369) (3,071) (298) (10) % (854) (850) (4) — %

Credit enhancement expense (1,062) (812) (250) (31) % (284) (298) 14 5 %

Change in expected credit 

enhancement recoveries 470 (86) 556 NM 199 245 (46) (19) %

Other expenses, net (778) (1,208) 430 36 % (225) (165) (60) (36) %

Income before federal income 

taxes 13,544 24,123 (10,579) (44) % 1,982 1,973 9 — %

Provision for federal income 

taxes (2,774) (4,996) 2,222 44 % (504) (276) (228) (83) %

Net income $ 10,770 $ 19,127 $ (8,357) (44) % $ 1,478 $ 1,697 $ (219) (13) %

Average charged guaranty 

fee on new conventional 

acquisitions, net of TCCA 

fees*

49.4 bps 48.6 bps 0.8 bps 2 % 49.3 bps 52.1 bps (2.8) bps (5) %

Average charged guaranty 

fee on conventional guaranty 

book of business, net of 

TCCA fees*

46.2 bps 45.7 bps 0.5 bps 1 % 46.5 bps 46.3 bps 0.2 bps — %

NM - Not meaningful

* In Q4 2022, the company enhanced the method it uses to estimate average loan life at acquisition. Charged fees reported for prior periods 

have been updated in this release to reflect this updated methodology.

Key Business Highlights 

• Single-family conventional acquisition volume was $614.8 billion in 2022, a decrease of 55% compared with 

$1.4 trillion in 2021. Purchase acquisition volume decreased from $451.3 billion in 2021 to $378.0 billion in 

2022, of which more than 45% was for first-time homebuyers. Refinance acquisition volume was $236.9 billion

in 2022, a decline from $903.7 billion in 2021, due to the higher mortgage interest-rate environment. The share 

of purchase loans, which generally have a higher loan-to-value ratio, increased as a percentage of the 

company’s single-family acquisitions to 62% in 2022 from 33% in 2021.

• Average single-family conventional guaranty book of business in 2022 increased from 2021 by 7% driven 

primarily by growth in the average balance of loans acquired during the year. Overall 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 52% and a weighted-average FICO credit score at origination of 752 as of December 31, 

2022. 

• Average charged guaranty fee, net of TCCA fees, on the single-family conventional guaranty book increased to 

46.2 basis points as of December 31, 2022. Average charged guaranty fee on newly acquired single-family 

conventional loans, net of TCCA fees, decreased 2.8 basis points to 49.3 basis points for the fourth quarter of 

2022, compared with 52.1 basis points for the third quarter of 2022.

• Single-family serious delinquency rate decreased to 0.65% as of December 31, 2022, from 1.25% as of 

December 31, 2021, 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.

Fourth Quarter and Full Year 2022 Results 3
Multifamily Business Financial Results

(Dollars in millions) 2022 2021 Variance

% 

Change Q422 Q322 Variance

% 

Change

Net interest income $ 4,687 $ 4,158 $ 529 13 % $ 1,102 $ 1,206 $ (104) (9) %

Fee and other income 88 92 (4) (4) % 23 22 1 5 %

Net revenues 4,775 4,250 525 12 % 1,125 1,228 (103) (8) %

Fair value losses, net (80) (12) (68) NM (2) (17) 15 88 %

Administrative expenses (540) (508) (32) (6) % (151) (140) (11) (8) %

Benefit (provision) for credit 

losses (1,248) 530 (1,778) NM (1,091) (175) (916) NM

Credit enhancement expense (261) (239) (22) (9) % (65) (66) 1 2 %

Change in expected credit 

enhancement recoveries 257 (108) 365 NM 225 45 180 NM

Other expenses, net* (214) (87) (127) (146) % (103) 17 (120) NM

Income (loss) before federal 

income taxes 2,689 3,826 (1,137) (30) % (62) 892 (954) NM

Benefit (provision) for federal 

income taxes (536) (777) 241 31 % 10 (153) 163 NM

Net income (loss) $ 2,153 $ 3,049 $ (896) (29) % $ (52) $ 739 $ (791) NM

Average charged guaranty 

fee rate on multifamily 

guaranty book of business, at 

period end

78.5 bps 78.4 bps 0.1 bps — % 78.5 bps 79.0 bps (0.5) bps (1) %

NM - Not meaningful

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

Key Business Highlights 

• New multifamily business volume was $69.2 billion in 2022, compared with $69.5 billion in 2021. The 2022 

Federal Housing Finance Agency (FHFA) multifamily volume cap was $78 billion and a minimum of 50% of the 

company’s 2022 multifamily loan purchases were required to be mission-driven, focused on specified affordable 

and underserved market segments. The company’s 2022 multifamily business volume remained under the cap 

and it met the mission requirements established by FHFA.

• The multifamily guaranty book of business grew by approximately 7% in 2022 to $440.4 billion. The average 

charged guaranty fee on the multifamily book remained generally flat at 78.5 basis points as of December 31, 

2022, compared with 78.4 basis points as of December 31, 2021.

• The multifamily business segment had net income of $2.2 billion and net revenues of $4.8 billion for 2022. In the 

fourth quarter, the segment recognized a $1.1 billion provision for credit losses, approximately $900 million of 

which related to the company’s seniors housing portfolio. This provision drove a $52 million net loss for the 

quarter. 

• The company’s seniors housing portfolio has been disproportionately impacted by recent market conditions. As 

of December 31, 2022, nearly all of the seniors housing loans in the company’s guaranty book of business were 

current on their payments. However, a sharp rise in short-term interest rates during the latter half of 2022 put 

additional stress on its seniors housing portfolio that was already experiencing elevated vacancy rates 

compared to pre-pandemic levels and higher operating costs exacerbated by higher inflation in recent periods. 

As of December 31, 2022, the seniors housing portfolio had an unpaid principal balance of $16.6 billion, which 

constituted 4% of the company’s multifamily guaranty book of business. Approximately 40% of the seniors 

housing loans in the company’s multifamily guaranty book as of December 31, 2022 were adjustable-rate 

mortgages.

• The multifamily serious delinquency rate decreased to 0.24% as of December 31, 2022, compared with 0.42%

as of December 31, 2021, primarily as a result of loans that received forbearance resolving their delinquency 

through completion of their repayment plans or otherwise reinstating. Multifamily seriously delinquent loans are 

loans that are 60 days or more past due.

Fourth Quarter and Full Year 2022 Results 4
Additional Matters

Fannie Mae’s Consolidated Balance Sheets and Statements of Operations and Comprehensive Income for the full 

year of 2022 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, 2022 (“2022 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 2022 Form 10-K. Additional information about the company’s financial and 

credit performance is contained in Fannie Mae’s “Q4 and Full Year 2022 Financial Supplement” at 

www.fanniemae.com.

# # #

In this release, the company has presented forward-looking statements regarding economic and housing market 

conditions and their impact, as well as the company’s business plans and their impact. Actual outcomes could be 

materially different from what is set forth in these forward-looking statements due to a variety of factors, including 

those described in “Forward-Looking Statements” and “Risk Factors” in the company’s 2022 Form 10-K.

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 2022 Results 5
ANNEX

FANNIE MAE

(In conservatorship)

Consolidated Balance Sheets

(Dollars in millions)

As of December 31,

2022 2021

ASSETS

Cash and cash equivalents $ 57,987 $ 42,448 

Restricted cash and cash equivalents (includes $23,348 and $59,203, respectively, related to consolidated 

trusts) 29,854 66,183 

Securities purchased under agreements to resell (includes $3,475 and $13,533, respectively, related to 

consolidated trusts) 14,565 20,743 

Investments in securities, at fair value 50,825 89,043 

Mortgage loans:

Loans held for sale, at lower of cost or fair value 2,033 5,134 

Loans held for investment, at amortized cost:

Of Fannie Mae 52,081 61,025 

Of consolidated trusts 4,071,669 3,907,712 

Total loans held for investment (includes $3,645 and $4,964, respectively, at fair value) 4,123,750 3,968,737 

Allowance for loan losses (11,347) (5,629) 

 Total loans held for investment, net of allowance 4,112,403 3,963,108 

 Total mortgage loans 4,114,436 3,968,242 

Advances to lenders 1,502 8,414 

Deferred tax assets, net 12,911 12,715 

Accrued interest receivable, net (includes $9,241 and $8,878 related to consolidated trusts and net of 

allowance of $111 and $140, respectively) 9,821 9,264 

Other assets 13,387 12,114 

Total assets $ 4,305,288 $ 4,229,166 

LIABILITIES AND EQUITY

Liabilities:

Accrued interest payable (includes $9,347 and $8,517, respectively, related to consolidated trusts) $ 9,917 $ 9,186 

Debt:

Of Fannie Mae (includes $1,161 and $2,381, respectively, at fair value) 134,168 200,892 

Of consolidated trusts (includes $16,260 and $21,735, respectively, at fair value) 4,087,720 3,957,299 

Other liabilities (includes $1,748 and $1,245, respectively, related to consolidated trusts) 13,206 14,432 

Total liabilities 4,245,011 4,181,809 

Commitments and contingencies (Note 16) — — 

Fannie Mae stockholders’ equity:

Senior preferred stock (liquidation preference of $180,339 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 (73,011) (85,934) 

Accumulated other comprehensive income 35 38 

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

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

Stock and Warrant for information on the related dividend obligation and liquidation preference) 60,277 47,357 

Total liabilities and equity $ 4,305,288 $ 4,229,166 

See Notes to Consolidated Financial Statements in the 2022 Form 10-K

Fourth Quarter and Full Year 2022 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,

2022 2021 2020

Interest income:

Investments in securities $ 1,828 $ 582 $ 972 

Mortgage loans 117,813 98,930 106,316 

Other 656 163 281 

Total interest income 120,297 99,675 107,569 

Interest expense:

Short-term debt (76) (4) (182) 

Long-term debt (90,798) (70,084) (82,521) 

Total interest expense (90,874) (70,088) (82,703) 

Net interest income 29,423 29,587 24,866 

Benefit (provision) for credit losses (6,277) 5,130 (678) 

Net interest income after benefit (provision) for credit losses 23,146 34,717 24,188 

Investment gains (losses), net (297) 1,352 907 

Fair value gains (losses), net 1,284 155 (2,501) 

Fee and other income 312 361 462 

Non-interest income (loss) 1,299 1,868 (1,132) 

Administrative expenses:

Salaries and employee benefits (1,671) (1,493) (1,554) 

Professional services (850) (817) (921) 

Other administrative expenses (808) (755) (593) 

Total administrative expenses (3,329) (3,065) (3,068) 

TCCA fees (3,369) (3,071) (2,673) 

Credit enhancement expense (1,323) (1,051) (1,361) 

Change in expected credit enhancement recoveries 727 (194) 233 

Other expenses, net (918) (1,255) (1,308) 

Total expenses (8,212) (8,636) (8,177) 

Income before federal income taxes 16,233 27,949 14,879 

Provision for federal income taxes (3,310) (5,773) (3,074) 

Net income 12,923 22,176 11,805 

Other comprehensive loss (3) (78) (15) 

Total comprehensive income $ 12,920 $ 22,098 $ 11,790 

Net income $ 12,923 $ 22,176 $ 11,805 

Dividends distributed or amounts attributable to senior preferred stock (12,920) (22,098) (11,790) 

Net income attributable to common stockholders $ 3 $ 78 $ 15 

Earnings per share:

Basic $ 0.00 $ 0.01 $ 0.00 

Diluted 0.00 0.01 0.00 

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 2022 Form 10-K

Fourth Quarter and Full Year 2022 Results 7