The GSEs’ latest SEC filings reveal a combined capital shortfall of $359 billion at the end of the first quarter. But combined earnings were a healthy $8.21 billion for the quarter. (Includes data chart.)

Outstanding Federal Home Loan Bank advances ticked up at the end of 2021, halting a nearly two-year decline. (Includes two data charts.)

Profits of $34.29 billion in 2021 will suffer in 2022 as both amortization income from refinances and benefits for credit losses ebb. (Includes data chart.)

Credit-related income boosts profits at Fannie Mae; fair value losses at Freddie Mac keep net income growth in check.

Although 2021 was a monster year for the mortgage giant, the fourth quarter looked more like a return to normal.

The Federal Home Loan Banks saw their interest-earning assets continue to decline in the third quarter, although somewhat less rapidly than earlier in the year. (Includes three data charts.)

Fewer refinancings mean Fannie Mae’s and Freddie Mac’s amortization incomes from prepayments are in decline. (Includes data chart.)

Historic home price appreciation and record low interest rates helped Fannie and Freddie increase income and cut costs. (Includes data chart.)

KBW analysts believe it will take 15 years for the two government-sponsored enterprises to meet FHFA’s capital requirement to exit conservatorship. KBW reduced its target price on Fannie and Freddie stocks to $1.00 each.

Spikes in amortization income, guarantee-fee income and credit-related expenses are all closely tied to the government’s intervention in the coronavirus crisis. (Includes data chart.)