Fannie Mae,
(NYSE:FNM), today reported operating net income for the first quarter
of 2001 of $1.238 billion, a 16.6 percent increase compared with the
first quarter of 2000.
Operating earnings per diluted common share (Operating EPS) of
$1.20 were 17.6 percent above the same period in 2000.
Operating net income and earnings per share exclude the one-time
cumulative change in accounting principle and the quarter-to-quarter
variability in the market value of purchased options which Financial
Accounting Standard 133 (FAS 133) now requires to be included in the
income statement.
Net income and earnings per diluted common share (EPS) for the
first quarter of 2001 including these FAS 133 items were $1.293
billion and $1.25, respectively.
Fannie Mae's business volume - mortgages purchased for portfolio
plus mortgage-backed security (MBS) issues acquired by other investors
-- totaled $105.6 billion in the first quarter of 2001 compared with
$50.8 billion in the first quarter of 2000.
The first quarter's business volume consisted of $58.7 billion in
portfolio purchases and $46.9 billion in MBS issues acquired by
investors other than Fannie Mae's portfolio.
Retained commitments to purchase mortgages were $76.3 billion in
the first quarter of 2001, more than triple the $25.1 billion in
commitments in the first quarter of 2000 and $11.8 billion higher than
the previous record in the fourth quarter of 1998.
Fannie Mae's combined book of business -- the net mortgage
portfolio and outstanding MBS held by investors other than Fannie
Mae's portfolio -- ended the first quarter of 2001 at $1,366 billion.
Fannie Mae's book of business rose at a compound growth rate of 16.9
percent during the quarter ended March 31, 2001.
This growth was fueled by a $33.3 billion increase in the net
mortgage portfolio to $641 billion, a compound growth rate of 23.8
percent. Outstanding MBS increased at an 11.2 percent compound rate
during the quarter to $726 billion at March 31, 2001.
Published: April 17, 2001
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