As of June 30, 1.8% of Fannie Mae’s single-family conventional guaranty book of business (313,679 loans) and 0.2% of its multifamily guaranty book of business were still in active forbearance. Of the nearly 1.4 million loans in single-family forbearance plans, 1.1 million borrowers have exited forbearance, 659,000 of which exited through reinstatement or payoff and 323,000 through Fannie’s payment deferral option.
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“Fannie Mae’s second-quarter results demonstrate our ability to advance our mission, operate safely and soundly, and grow our capital,” said Fannie Mae CEO Hugh Frater. “To meet our mission through business cycles, we must be safe and sound – and to be safe and sound, we need to have adequate capital. These priorities are the foundation for our work with our industry partners to address the nation’s long-term housing challenges, including housing affordability, supply, and equity.”
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Meanwhile, Freddie Mac reported a net profit of $3.7 billion in Q2, a $1.9 billion (107%) gain from Q1. The firm attributed the increase to higher net revenues and a credit reserve release, mainly in its single-family mortgage portfolio. However, this was partially offset by a credit-related expense of $700 million in the second quarter, primarily due to the negative economic impact of the pandemic.