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The MReport Webcast: Tuesday 6/30/2015

Freddie Mac, Fannie Mae, and the Federal Home Loan Banks experienced a substantial increase in their net income for the first quarter. The Federal Housing Finance Agency released the Quarterly Performance Report of the Housing GSEs today, analyzing the first quarter earnings and other contributing factors that boosted these GSEs’ incomes.

The combined first quarter earnings of Freddie Mac and Fannie Mae was 2 point 4 billion dollars in the first quarter this year, compared to $1.5 billion in the fourth quarter of last year. All FHL Banks reported positive net income for the 14th consecutive quarter. The FHL Banks nearly doubled their income for this quarter from $553 million in the fourth quarter last year to $1 billion.

Mortgage originations have seen tremendous growth this year, according to Equifax's National Consumer Credit Trends Report. The report found that mortgage origination balances reached $466 billion in the first quarter, a 74.4 percent increase from the same time a year ago. First mortgages increased 79.9 percent to $430 billion, leading this growth spurt. Meanwhile, originations of home equity lines of credit increased 30 percent to 30.9 billion dollars and new home equity installment loans climbed 13.6 percent to $5 billion.

 

About Author: Jordan Funderburk

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