The prevalence of alternative-rate products, competition from non-agency mortgage security issuers, and intense competitive demand for mortgage assets overall were sited as the main reasons behind Fannie Mae’s lackluster income growth during the second quarter. According to the GSE ’s latest earnings, Fannie took in a total of $1.1 billion in net income during the second quarter – registering a drop of one percent for the first six months compared to 2003 numbers. The