Fannie Mae’s Profits Surge Amid Market Shifts

Fannie Mae Reports Significant Increase in Net Income for 2023, Faces Capital Shortfall and Housing Market Uncertainties for 2024

Fannie Mae, the government-sponsored mortgage financier, has revealed its financial results for 2023, reporting a notable surge in net income to $17.4 billion from $12.9 billion in the previous year. Despite economic challenges such as high mortgage rates and pressures in the multifamily sector, the company has managed to provide liquidity amounting to $369 billion, assisting approximately 1.5 million households. However, Fannie Mae now faces a substantial $243 billion capital shortfall along with uncertainties in the housing market for the year 2024.