fannie mae (FNMA) Key Developments
Fannie Mae Seeks To Sell 3,200 Delinquent Loans
Apr 8 15
Joy Cianci, Senior Vice President for credit portfolio management of Federal National Mortgage Association (OTCBB:FNMA) said, "Fannie Mae plans to sell off 3,200 delinquent loans with an unpaid balance of $786 million, the first such sale for the government-sponsored enterprise." Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Group AG (SWX:CSGN), and The Williams Capital Group, L.P. are acting as advisers for the sale.
Federal National Mortgage Association Fannie Mae Announces Executive Changes
Mar 9 15
John R. Nichols, Federal National Mortgage Association Fannie Mae's Executive Vice President and Chief Risk Officer, is taking a leave of absence for health reasons. In connection with Mr. Nichols' leave of absence, on March 9, 2015, Mr. Nichols' duties and responsibilities were reassigned to Kimberly Johnson, Federal National Mortgage Association Fannie Mae's Senior Vice President and Deputy Chief Risk Officer.
Fannie Mae Announces Earnings Results for the Fourth Quarter of 2014
Feb 21 15
Fannie Mae announced earnings results for the fourth quarter of 2014. For the period, the company reported net income of $1.3 billion. That's down from $6.5 billion a year earlier, due largely to losses on investments used to hedge against swings in interest rates.
Fannie Mae Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
Feb 20 15
Fannie Mae reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, net interest income was $5,142 million against $5,184 million in third quarter. Net revenues were $5,465 million compared to $6,010 million in the third quarter. Income before federal income taxes was $2,130 million compared to $5,692 million in the third quarter. Net income attributable to Fannie Mae was $1,312 million compared to $3,905 million in the third quarter. Fourth quarter results were driven by net interest income, partially offset by fair value losses on risk management derivatives due to declines in longer-term interest rates in the quarter.
For the year, net interest income was $19,968 million against $22,404 million a year ago. Net revenues were $25,855 million compared to $26,334 million a year ago. Income before federal income taxes was $21,150 million compared to $38,567 million a year ago. Net income attributable to Fannie Mae was $14,208 million compared to $83,963 million a year ago. Basic and diluted earnings per share were $0.19 against $0.25 a year ago. Net cash used in operating activities was $1,338 million compared to net cash provided by operating activities of $12,903 million a year ago. 2014 results were driven by strong revenues from net interest income and income from settlement agreements related to private-label mortgage-related securities sold to Fannie Mae, as well as credit-related income due primarily to increasing home prices during the year. These results were partially offset by a provision for federal income taxes and fair value losses on risk management derivatives due to declines in longer-term interest rates in 2014.
Fannie Mae Presents at 18th Annual Wells Fargo Real Estate Securities Conference, Feb-24-2015 01:40 PM
Feb 8 15
Fannie Mae Presents at 18th Annual Wells Fargo Real Estate Securities Conference, Feb-24-2015 01:40 PM. Venue: Th Plaza Hotel, 5th Ave at Central, Park South, New York, NY 10019, United States. Speakers: Joshua Seiff, Director, Multifamily Capital Markets.