Fannie Mae sees profits fall in Q4

Fannie Mae sees profits fall in Q4

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In remarks accompanying its news release Tuesday, CEO Priscilla Almovodar forecast further economic hurdles for US homebuyers in the year ahead.

“Our 2022 results reflect a housing market in transition… We expect there will be economic headwinds in 2023 and that housing affordability will continue to remain a challenge for many homebuyers and renters,” she said.

The enterprise provided $684 billion in liquidity to the mortgage market last year, according to its full-year report, having acquired north of 1.15 million single-family purchase loans and 886,000 single-family refinance loans throughout 2022.

A big decline in the market value of single-family loans contributed to investment losses of $297 million last year, Fannie said, after reaping $1.4 billion in investment gains the previous year.

On the single-family side, the company also reported full-year decreases in conventional acquisition volume (by 55%, to $614.8 billion), purchase acquisition volume, and refinance acquisition volume, with the rising-rate environment of recent months described as the main reason for the dip.  

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