The Federal National Mortgage Association (FNMA) announced on Thursday a decrease in its third-quarter earnings, despite a slight uptick in revenue compared to the same period last year.
The company's quarterly earnings fell to $4.044 billion from $4.699 billion in the previous year. This decline is largely attributed to reduced fair value gains and a decline in the benefit from credit losses.
The provision for federal income taxes also saw a reduction to $1.009 billion, compared to $1.120 billion in the prior year.
Meanwhile, revenue experienced a modest increase, reaching $7.341 billion, up from $7.296 billion in the previous year.
As of now, Fannie Mae's shares are trading at $1.41, reflecting a 1.39 percent decrease on the OTC Markets.
