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Fannie Mae Today

While our purpose — to provide liquidity and stability to the residential mortgage market — has remained unchanged, our business model has changed significantly since 2008. We’ve strengthened our business, making it better able to withstand market fluctuations, and expanded our risk management capabilities across the board. This means we’re better prepared to serve homebuyers in good times and tough times, helping make home financing more affordable.

Previously, mortgages and mortgage-backed securities in our retained mortgage portfolio drove most of our revenue. Today, most of our revenue comes from guaranty fees, which we charge for guaranteeing the timely payment of principal and interest on our mortgage-backed securities. We market those securities globally, drawing diversified capital into the United States to support affordable housing options in communities across the country. Our underwriting and servicing standards have helped lead to very low serious delinquency rates for the single-family mortgages we guarantee (as of September 2024).

FM Today Charts - Net Income and Net Worth
FM Today Charts - Treasury Draws and Dividends

1Data as of Sept. 30, 2024.

Our business has grown increasingly stronger, accumulating more than $90 billion of net worth since the Federal Housing Finance Agency (FHFA), which is our conservator, and the Treasury permitted us to retain earnings in 2019. We have also paid approximately $181 billion to the Treasury in dividends, which is about $62 billion more than we have received in support from the government since 2008.

FM Today Charts - Net Income and Net Worth
FM Today Charts - Treasury Draws and Dividends

22017 GAAP net income includes a $9.9B provision for federal income taxes resulting from the remeasurement of Fannie Mae’s deferred tax assets due to the corporate tax reduction in the Tax Cuts and Jobs Act.

3Data as of Sept. 30, 2024.

4Dividend payments do not reduce the senior preferred stock’s liquidation preference, which includes cumulative amounts drawn from Treasury.

Providing certainty in good times and bad

We provide financing every day to help strengthen the housing market, which contributes to a strong economy, job growth, and a better quality of life across America. Our role is even more critical in tough moments for the economy. For example, during the COVID-19 pandemic, many other financial institutions reduced their mortgage purchases, which would have prevented many people from securing a mortgage or refinancing and further harmed the economy. Fannie Mae stepped in and provided additional support, increasing our mortgage purchases to ensure a liquid housing market.

FM Today Charts - SF Market Support
FM Today Charts - SF Market Support Mobile

5Data as of Sept. 30, 2024.

Fannie Mae’s mission and purpose, scale, expertise, and investments in innovation have allowed us to set the industry standard for mortgage financing while enabling millions of people to own and rent homes and change their lives. Our thousands of employees take that responsibility very seriously — it’s what drives us and what has made Fannie Mae a consistent industry leader.