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

 202-752-2034 

Date: July 29, 2022 

Fannie Mae Reports Net Income of $4.7 Billion for Second Quarter 2022

• $4.7 billion net income for the second quarter of 2022, with net worth reaching 

$56.4 billion as of June 30, 2022

“Our solid second quarter results 

enhance our financial strength, and we 

remain focused on both managing risk 

and serving our mission to provide 

sustainable and affordable financing for 

the benefit of renters and 

homeowners.”

David C. Benson, President and 

Interim Chief Executive Officer

• $191 billion in liquidity provided to the single-family and multifamily mortgage 

markets in the second quarter of 2022

• $111 billion of single-family home purchase acquisitions in the second quarter

of 2022, of which nearly 50% were for first-time homebuyers

• Acquired approximately 334,000 home purchase loans and 240,000 singlefamily refinance loans during the second quarter of 2022

• Approximately 156,000 units of rental housing financed in the second 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 average 30-year fixed-rate mortgage interest rate increased during the 

second quarter of 2022, from 4.67% as of March 31, 2022 to 5.70% as of 

June 30, 2022

Q2 2022 Key Results

$56.4 Billion Net Worth $447 Billion Supporting Housing Activity

Increase of $4.6 billion in the second quarter of 2022 SF Home Purchases SF Refinancings MF Rental Units

 $6.2B

$14.6B

$25.3B

$47.4B

$56.4B

2018 2019 2020 2021 Q2 YTD

2022

$512B

$666B

$1.4T $1.4T

$447B

2018 2019 2020 2021 Q2 YTD

2022

$4.7 Billion Net Income for Q2 2022 Serious Delinquency Rates

Increase of $245 million compared with first quarter 2022 Single-Family SDQ Rate Multifamily SDQ Rate

 $7.2B

$4.8B $5.2B

$4.4B $4.7B

Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022

2.08%

1.62%

1.25% 1.01% 0.81%

0.53% 0.42% 0.42% 0.38% 0.34%

Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022

Second Quarter 2022 Results 1
Summary of Financial Results

(Dollars in millions) Q222 Q122 Variance % Change Q221 Variance % Change

Net interest income $ 7,808 $ 7,399 $ 409 6 % $ 8,286 $ (478) (6) %

Fee and other income 81 83 (2) (2) % 103 (22) (21) %

Net revenues 7,889 7,482 407 5 % 8,389 (500) (6) %

Investment gains (losses), net (49) (102) 53 52 % 646 (695) NM

Fair value gains (losses), net 529 480 49 10 % (446) 975 NM

Administrative expenses (795) (808) 13 2 % (746) (49) (7) %

Credit-related income (expense) (251) (201) (50) (25) % 2,547 (2,798) NM

TCCA fees (841) (824) (17) (2) % (758) (83) (11) %

Credit enhancement expense (332) (278) (54) (19) % (274) (58) (21) %

Change in expected credit enhancement 

recoveries (47) 60 (107) NM (44) (3) (7) %

Other expenses, net (228) (236) 8 3 % (280) 52 19 %

Income before federal income taxes 5,875 5,573 302 5 % 9,034 (3,159) (35) %

Provision for federal income taxes (1,222) (1,165) (57) (5) % (1,882) 660 35 %

Net income $ 4,653 $ 4,408 $ 245 6 % $ 7,152 $ (2,499) (35) %

Total comprehensive income $ 4,649 $ 4,401 $ 248 6 % $ 7,120 $ (2,471) (35) %

Net worth $ 56,407 $ 51,758 $ 4,649 9 % $ 37,345 $ 19,062 51 %

NM - Not meaningful

Financial Highlights 

• Net income increased $245 million in the second quarter of 2022, compared with the first quarter of 2022, driven 

primarily by an increase in net interest income.

• Net interest income was $7.8 billion dollars in the second quarter of 2022, compared with $7.4 billion in the first 

quarter of 2022. 

◦ Higher income earned on investments as a result of increases in interest rates during the quarter 

contributed to an increase in net interest income from the company’s retained mortgage portfolio and 

other investments portfolio. 

◦ Net interest income from the company’s guaranty book of business decreased slightly due to a decline 

in net amortization income driven by reduced refinancing activity, partially offset by higher base 

guaranty fee income. 

• Credit-related expense was $251 million in the second quarter of 2022, compared with $201 million in the first 

quarter of 2022. Credit-related expense for the second quarter was driven in part by an increase in interest rates 

that was partially offset by home price growth. 

◦ Benefit from home price growth. While home price growth was strong in the second quarter of 2022, the 

positive impact on the company’s allowance was reduced by some recent market indicators that 

suggest home price growth may be moderating at a faster pace than the company anticipates.

◦ Provision from interest rate increases. The rise in actual and projected interest rates in the second 

quarter of 2022 more than offset the benefit from home price growth. Increases in interest rates reduce 

the expected volume of loan prepayments and extend the expected life of previously modified loans 

accounted for as troubled debt restructurings, or TDRs, as it is less likely these loans will refinance.

Second Quarter 2022 Results 2
Single-Family Business Financial Results

(Dollars in millions) Q222 Q122 Variance % Change Q221 Variance % Change

Net interest income $ 6,573 $ 6,255 $ 318 5 % $ 7,323 $ (750) (10) %

Fee and other income 60 61 (1) (2) % 80 (20) (25) %

Net revenues 6,633 6,316 317 5 % 7,403 (770) (10) %

Investment gains (losses), net (27) (66) 39 59 % 658 (685) NM

Fair value gains (losses), net 543 527 16 3 % (386) 929 NM

Administrative expenses (671) (683) 12 2 % (619) (52) (8) %

Credit-related income (expense) (231) (236) 5 2 % 2,525 (2,756) NM

TCCA fees (841) (824) (17) (2) % (758) (83) (11) %

Credit enhancement expense (270) (210) (60) (29) % (219) (51) (23) %

Change in expected credit enhancement 

recoveries (43) 69 (112) NM (57) 14 25 %

Other expenses, net (199) (198) (1) (1) % (315) 116 37 %

Income before federal income taxes 4,894 4,695 199 4 % 8,232 (3,338) (41) %

Provision for federal income taxes (1,008) (986) (22) (2) % (1,725) 717 42 %

Net income $ 3,886 $ 3,709 $ 177 5 % $ 6,507 $ (2,621) (40) %

Average charged guaranty fee on new 

conventional acquisitions, net of TCCA 

fees

51.7 bps 48.9 bps 2.8 bps 6 % 47.9 bps 3.8 bps 8 %

Average charged guaranty fee on 

conventional guaranty book of 

business, net of TCCA fees

45.9 bps 45.6 bps 0.3 bps 1 % 45.2 bps 0.7 bps 2 %

NM - Not meaningful

Key Business Highlights 

• Single-family conventional acquisition volume was $172.3 billion in the second quarter of 2022, a decrease of 

28% compared with $239.5 billion in the first quarter of 2022. Purchase acquisition volume increased from 

$104.0 billion in the first quarter of 2022 to $111.0 billion in the second quarter of 2022, of which nearly 50%

was for first-time homebuyers. Refinance acquisition volume was $61.3 billion in the second quarter of 2022, a 

decline from $135.5 billion in the first quarter of 2022, due to the higher mortgage interest rate environment.

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

first quarter of 2022 by 1.9% 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 753 as of June 30, 2022.

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

45.9 basis points as of June 30, 2022. Average charged guaranty fee on newly acquired single-family 

conventional loans, net of TCCA fees, increased 2.8 basis points to 51.7 basis points for the second quarter of 

2022, compared with 48.9 basis points for the first quarter of 2022. 

• Single-family serious delinquency rate decreased to 0.81% as of June 30, 2022, from 1.01% as of March 31, 

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.

Second Quarter 2022 Results 3
Multifamily Business Financial Results

(Dollars in millions) Q222 Q122 Variance % Change Q221 Variance % Change

Net interest income $ 1,235 $ 1,144 $ 91 8 % $ 963 $ 272 28 %

Fee and other income 21 22 (1) (5) % 23 (2) (9) %

Net revenues 1,256 1,166 90 8 % 986 270 27 %

Fair value losses, net (14) (47) 33 70 % (60) 46 77 %

Administrative expenses (124) (125) 1 1 % (127) 3 2 %

Credit-related income (expense) (20) 35 (55) NM 22 (42) NM

Credit enhancement expense (62) (68) 6 9 % (55) (7) (13) %

Change in expected credit enhancement 

recoveries (4) (9) 5 56 % 13 (17) NM

Other income (expenses), net* (51) (74) 23 31 % 23 (74) NM

Income before federal income taxes 981 878 103 12 % 802 179 22 %

Provision for federal income taxes (214) (179) (35) (20) % (157) (57) (36) %

Net income $ 767 $ 699 $ 68 10 % $ 645 $ 122 19 %

Average charged guaranty fee rate on 

multifamily guaranty book of business, 

at period end

79.5 bps 79.3 bps 0.2 bps NM 76.8 bps 2.7 bps 4 %

NM - Not meaningful

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

Key Business Highlights 

• New multifamily business volume was $18.7 billion during the second quarter of 2022, compared with $16 

billion during the first quarter of 2022. 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 1.4% in the second quarter of 2022 to $425.7 billion. The 

average charged guaranty fee on the multifamily book increased from 79.3 basis points as of March 31, 2022 to 

79.5 basis points as of June 30, 2022.

• As of June 30, 2022, more than 95% of the loans in the company’s 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 0.34% as of June 30, 2022, compared with 0.38% as of 

March 31, 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, remained at 0.03% as of June 30, 

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

Second Quarter 2022 Results 4
Additional Matters

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

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

investors and interested parties should read the company’s Second 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 Second Quarter 2022 Form 10-Q. Additional information about the company’s financial and credit performance is 

contained in Fannie Mae’s “Q2 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 and follow 

us on twitter.com/fanniemae.

Second Quarter 2022 Results 5
ANNEX

FANNIE MAE

 Condensed Consolidated Balance Sheets 

(Dollars in millions)

As of

June 30, 

2022

December 31, 

2021

ASSETS

Cash and cash equivalents $ 41,639 $ 42,448 

Restricted cash and cash equivalents (includes $28,346 and $59,203, respectively, related to consolidated 

trusts) 34,303 66,183 

Securities purchased under agreements to resell (includes $13,391 and $13,533, respectively, related to 

consolidated trusts) 15,391 20,743 

Investments in securities:

Trading, at fair value (includes $3,824 and $4,224, respectively, pledged as collateral) 64,811 88,206 

Available-for-sale, at fair value (with an amortized cost of $764 and $827, respectively) 765 837 

Total investments in securities 65,576 89,043 

Mortgage loans:

 Loans held for sale, at lower of cost or fair value 4,579 5,134 

Loans held for investment, at amortized cost:

Of Fannie Mae 58,241 61,025 

Of consolidated trusts 4,035,180 3,907,712 

 Total loans held for investment (includes $4,071 and $4,964, respectively, at fair value) 4,093,421 3,968,737 

Allowance for loan losses (6,069) (5,629) 

Total loans held for investment, net of allowance 4,087,352 3,963,108 

Total mortgage loans 4,091,931 3,968,242 

Advances to lenders 4,622 8,414 

Deferred tax assets, net 12,402 12,715 

Accrued interest receivable, net (includes $8,968 and $8,878 related to consolidated trusts and net of 

allowance of $89 and $140, respectively) 9,565 9,264 

Acquired property, net 1,485 1,259 

Other assets 12,053 10,855 

Total assets $ 4,288,967 $ 4,229,166 

LIABILITIES AND EQUITY

Liabilities:

Accrued interest payable (includes $8,777 and $8,517, respectively, related to consolidated trusts) $ 9,355 $ 9,186 

Debt:

Of Fannie Mae (includes $1,866 and $2,381, respectively, at fair value) 144,455 200,892 

Of consolidated trusts (includes $18,418 and $21,735, respectively, at fair value) 4,064,192 3,957,299 

Other liabilities (includes $1,870 and $1,245, respectively, related to consolidated trusts) 14,558 14,432 

Total liabilities 4,232,560 4,181,809 

Commitments and contingencies (Note 13) — — 

Fannie Mae stockholders’ equity:

Senior preferred stock (liquidation preference of $173,257 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 (76,873) (85,934) 

Accumulated other comprehensive income 27 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) 56,407 47,357 

Total liabilities and equity $ 4,288,967 $ 4,229,166 

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

Second Quarter 2022 Results 6
FANNIE MAE

(In conservatorship)

 Condensed Consolidated Statements of Operations and Comprehensive Income

(Dollars in millions, except per share amounts)

For the Three Months 

Ended June 30,

For the Six Months 

Ended June 30,

2022 2021 2022 2021

Interest income:

Trading securities $ 309 $ 122 $ 465 $ 262 

Available-for-sale securities 9 18 19 37 

Mortgage loans 29,082 24,932 56,224 48,285 

Securities purchased under agreements to resell 28 4 34 12 

Other 27 31 53 73 

Total interest income 29,455 25,107 56,795 48,669 

Interest expense:

Short-term debt (5) (1) (6) (4) 

Long-term debt (21,642) (16,820) (41,582) (33,637) 

Total interest expense (21,647) (16,821) (41,588) (33,641) 

Net interest income 7,808 8,286 15,207 15,028 

Benefit (provision) for credit losses (218) 2,588 (458) 3,353 

Net interest income after benefit (provision) for credit losses 7,590 10,874 14,749 18,381 

Investment gains (losses), net (49) 646 (151) 691 

Fair value gains (losses), net 529 (446) 1,009 338 

Fee and other income 81 103 164 190 

Non-interest income 561 303 1,022 1,219 

Administrative expenses:

Salaries and employee benefits (398) (365) (805) (752) 

Professional services (198) (184) (407) (398) 

Other administrative expenses (199) (197) (391) (344) 

Total administrative expenses (795) (746) (1,603) (1,494) 

Foreclosed property income (expense) (33) (41) 6 (36) 

TCCA fees (841) (758) (1,665) (1,489) 

Credit enhancement expense (332) (274) (610) (558) 

Change in expected credit enhancement recoveries (47) (44) 13 (75) 

Other expenses, net (228) (280) (464) (599) 

Total expenses (2,276) (2,143) (4,323) (4,251) 

Income before federal income taxes 5,875 9,034 11,448 15,349 

Provision for federal income taxes (1,222) (1,882) (2,387) (3,204) 

Net income 4,653 7,152 9,061 12,145 

Other comprehensive loss:

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

reclassification adjustments and taxes (2) (31) (7) (54) 

Other, net of taxes (2) (1) (4) (5) 

Total other comprehensive loss (4) (32) (11) (59) 

Total comprehensive income $ 4,649 $ 7,120 $ 9,050 $ 12,086 

Net income $ 4,653 $ 7,152 $ 9,061 $ 12,145 

Dividends distributed or amounts attributable to senior preferred stock (4,649) (7,120) (9,050) (12,086) 

Net income attributable to common stockholders $ 4 $ 32 $ 11 $ 59 

Earnings per share:

Basic $ 0.00 $ 0.01 $ 0.00 $ 0.01 

Diluted 0.00 0.01 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 Second Quarter 2022 Form 10-Q

Second Quarter 2022 Results 7