As of June 30, 1.8% of Fannie Mae’s single-family guarantee book (313,679 loans) and 0.2% of her multi-family guarantee book were still in active deferral. Of the nearly 1.4 million single-family withholding loans, 1.1 million borrowers exited grace period, 659,000 of which exited through recovery or repayment and 323,000 through Fannie’s grace period.
Fannie Mae’s Q2 results demonstrate our ability to advance our mission, operate safely and reliably, and grow our capital, said Fannie Mae CEO Hugh Frater. “To fulfill our mission in business cycles, we must be alive and well – and to be alive and well, we need sufficient capital. These priorities are at the core of our work with our industry partners to address the country’s long-term housing challenges, including housing affordability, supply and equity. ”
Meanwhile, Freddie Mac reported net income of $ 3.7 billion in the second quarter, up $ 1.9 billion (107%) from the first quarter. The firm attributed the increase to higher net incomes and the release of loan reserves, mainly in its single-family mortgage portfolio. However, this was partially offset by lending costs of $ 700 million in the second quarter, largely due to the negative economic impact of the pandemic.