St Louis Mortgage and Real Estate News –
St Louis Mortgage Refinancing and In-House Financing News: Fannie Mae Declares First Quarter Loss
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Fannie Mae reported net loss of $8.7 billion in the first quarter, including a $2.2 billion dividend payment to the Treasury Department.
The loss narrowed from $13 billion one year ago.
Fannie said still falling home prices drove losses during the quarter.
The government-sponsored enterprise estimated home prices fell 1.8 percent during the quarter, even though some regions experienced gains.
The mortgage giant’s regulator the Federal Housing Finance Agency (FHFA) requested $8.5 billion from the
Treasury to eliminate Fannie’s net worth deficit.
Fannie now owes the Treasury $99.7 billion and so far paid $12.4 billion in dividends.
Fannie said if the market shifts away from refinancing as is likely to occur as mortgage rates rise, market
share will dip further.
While business could be declining, legacy issues are too.
The serious delinquency rate on Fannie Mae loans dropped to 4.27% in the first quarter from 5.47 percent one year
ago and 4.48 percent in the previous period.
The company said modifications and other workouts, combined with foreclosures when other alternatives are exhausted, outnumbered new delinquent loans hitting its books.
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