Fannie Mae Profit Declines In Q3

(RTTNews) - Federal National Mortgage Association (FNMA), Thursday reported a decline in third quarter earnings, while revenues were slightly up, compared to the prior year.

The quarterly earnings were $4.044 billion, down from $4.699 billion last year, primarily due to a decrease in fair value gains and benefit for credit losses.

The Provision for federal income taxes were $1.009 billion, lower than the prior-year provision of $1.120 billion.

Revenue increased to $7.341 billion from $7.296 billion in the previous year.

Currently, Fannie Mae's stock is trading at $1.41, down 1.39 percent on the OTC Markets.