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    <title>Earnings</title>
    <description>
      <![CDATA[Description+goes+here]]>
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    <link>https://www.insidemortgagefinance.com/rss</link>
    <language>en-us</language>
    <item>
      <title>Profits Sag at FHLBanks in Fourth Quarter</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Profits declined at 10 of the 11 FHLBanks in the fourth quarter. Only FHLB Atlanta increased net income during the period. (Includes three data tables.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/236974</guid>
      <pubDate>Fri, 20 Mar 2026 14:26:09 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/236974-sagging-profits-at-the-fhlbanks</link>
    </item>
    <item>
      <title>Fannie Mae Releases Return on Equity Metric</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Fannie Mae posted an “illustrative” return on equity of 9.5% during its second-quarter earnings call last month. But that was based on the enterprise’s required capital rather than the capital actually on hand.]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/235086</guid>
      <pubDate>Fri, 15 Aug 2025 13:06:11 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/235086-fannie-mae-releases-roe</link>
    </item>
    <item>
      <title>GSE Profits Begin to Ebb in First Quarter</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Freddie’s guarantee book of business rose from $3.104 trillion at the end of 2024 to $3.115 trillion as of the end of March. Fannie’s fell from $3.622 trillion to $3.610 trillion. (Includes data table.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/234230</guid>
      <pubDate>Fri, 09 May 2025 15:53:57 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/234230-gse-profits-begin-to-ebb</link>
    </item>
    <item>
      <title>GSEs: Stable Profits in Tough Times</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[The sign of a good business model is one that makes profits in good times and bad. Fannie and Freddie have shown strong profits throughout the post-pandemic downturn. (Includes data table.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/233481</guid>
      <pubDate>Fri, 14 Feb 2025 16:08:00 -0500</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/233481-gses-stable-profits-in-tough-times</link>
    </item>
    <item>
      <title>FHLBanks Still Flying High as Profits Improve in First Quarter</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Although FHLB borrowing declined in the first quarter, with lenders continuing to reduce outstanding advances, profits for the system as a whole were up 9.6% from the fourth quarter and 16.6% year to date. (Includes three data tables.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/231053</guid>
      <pubDate>Fri, 17 May 2024 15:05:41 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/231053-fhlbanks-still-flying-high</link>
    </item>
    <item>
      <title>Can the GSEs Ever Earn Enough Money?</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Even though Fannie Mae and Freddie Mac maintained healthy profits in a tough market in the first quarter, their capital shortfalls under the ERCF remained absurdly high. (Includes data table.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/230916</guid>
      <pubDate>Fri, 03 May 2024 15:44:44 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/230916-can-the-gses-ever-earn-enough-money</link>
    </item>
    <item>
      <title>Non-Interest MF Income Drives Freddie 1Q24 Profits</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Risk management activities in Freddie's multifamily business generate $1 billion in revenues in the first quarter, more than doubling its 4Q23 figures.]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/230890</guid>
      <pubDate>Wed, 01 May 2024 11:58:00 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/230890-non-interest-mf-income-drives-freddie-1q24-profits</link>
    </item>
    <item>
      <title>Accounting Rules Drive Fannie, Freddie GSE Profits</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Lingering capital shortfalls belie higher net incomes at Fannie Mae and Freddie Mae in 2023. (Includes data table.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/230292</guid>
      <pubDate>Fri, 23 Feb 2024 14:20:53 -0500</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/230292-accounting-rules-drive-gse-profits</link>
    </item>
    <item>
      <title>GSEs: World-Class Cash Cows</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Measured by profits per employee, Fannie Mae and Freddie Mac are among the most successful companies on the planet.]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/229916</guid>
      <pubDate>Fri, 12 Jan 2024 17:06:33 -0500</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/229916-gses-world-class-cash-cows</link>
    </item>
    <item>
      <title>Federal Home Loan Bank Earnings Slow Down in Third Quarter</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[After a strong run-up in earnings spanning more than a year, the Federal Home Loan Banks posted a modest decline in quarterly income in the third quarter. (Includes three data tables.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/229505</guid>
      <pubDate>Wed, 22 Nov 2023 15:50:37 -0500</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/229505-federal-home-loan-bank-earnings-increase-in-3q</link>
    </item>
    <item>
      <title>GSEs Find Ways to Profit in the Third Quarter</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Fannie Mae and Freddie Mac revenues ticked up in the third quarter, but an increase in net expenses cut into profits. Those expenses included damages and interest awarded to shareholders in <em>Fairholme v. FHFA</em>. (Includes data table.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/229405</guid>
      <pubDate>Fri, 10 Nov 2023 14:59:36 -0500</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/229405-gses-find-ways-to-profit-in-the-third-quarter</link>
    </item>
    <item>
      <title>GSEs Ace 2023 Stress Tests</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[According to their 2023 Dodd-Frank stress tests, Fannie and Freddie would remain profitable even in the worst financial depression of the modern era.]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/228670</guid>
      <pubDate>Fri, 18 Aug 2023 15:14:18 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/228670-gses-ace-2023-stress-tests</link>
    </item>
    <item>
      <title>GSE Profits Spike in 2Q; Capital Remains Low</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Rising home prices allowed Fannie and Freddie to drive up second-quarter profits by reducing their loan loss allowances. (Includes data chart.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/228527</guid>
      <pubDate>Fri, 04 Aug 2023 14:47:23 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/228527-gse-profits-spike-capital-remains-low</link>
    </item>
    <item>
      <title>Fannie/Freddie Profits Grow as Volume Plummets</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Timing differences in their provisions for loan losses allowed Fannie’s first-quarter profits to more than double while Freddie’s climbed just 13.2% compared with the fourth quarter. (Includes data chart.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/227795</guid>
      <pubDate>Fri, 12 May 2023 17:17:14 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/227795-fannie-freddie-profits-grow-as-volume-plummets</link>
    </item>
    <item>
      <title>G-Fee Levels Should Be Tied to Capital Requirements</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[In order to have a return on capital sufficient to attract private investors, the GSEs would have to charge g-fees of about 76 basis points, according to former Freddie CEO Don Layton.]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/227395</guid>
      <pubDate>Fri, 31 Mar 2023 13:52:34 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/227395-former-freddie-ceo-says-g-fees-are-too-low</link>
    </item>
    <item>
      <title>Falling Home Prices Tank GSE Profits in 2022</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Almost all of the decline in combined GSE profits was due to a spike in loan-loss provisions. But while Fannie’s provisions continued to grow in the fourth quarter, Freddie’s may have peaked in the third quarter. (Includes data chart.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/227136</guid>
      <pubDate>Fri, 03 Mar 2023 14:34:08 -0500</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/227136-falling-home-prices-tank-gse-profits</link>
    </item>
    <item>
      <title>GSE Earnings: Half the Story</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Fannie Mae put money away for a rainy day; Freddie Mac postponed its fourth-quarter earnings report.]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/227015</guid>
      <pubDate>Fri, 17 Feb 2023 15:48:56 -0500</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/227015-gse-earnings-half-the-story</link>
    </item>
    <item>
      <title>Higher Interest Rates Juice FHLBanks’ 3Q22 Earnings</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Systemwide, FHLBank advances grew 36.5% in the third quarter, helping drive a 51.1% sequential increase in profits. (Includes three data charts.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/226277</guid>
      <pubDate>Fri, 18 Nov 2022 13:10:00 -0500</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/226277-higher-interest-rates-juice-fhlb-3q22-earnings</link>
    </item>
    <item>
      <title>Lower Earnings Compound Capital Shortfalls at the GSEs</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Sagging home prices forced the GSEs to post a combined $4.34 billion provision for credit losses in the third quarter, undercutting retained earnings. (Includes data chart.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/226262</guid>
      <pubDate>Fri, 18 Nov 2022 13:08:00 -0500</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/226262-lower-earnings-compound-capital-shortfalls-at-the-gses</link>
    </item>
    <item>
      <title>Strong Stress Test Results for Fannie and Freddie</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[The GSEs earned a combined $20.5 billion in theoretical net income under the severely adverse economic scenario of the 2022 stress tests. But those returns would vanish if they had to reserve for deferred tax assets.]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/225394</guid>
      <pubDate>Fri, 12 Aug 2022 14:16:32 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/225394-2022-dfast-results-for-fannie-and-freddie</link>
    </item>
    <item>
      <title>GSEs’ Earnings Reflect Change in the Housing Market</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[The timing of credit-related benefits and losses affected the profits of Fannie and Freddie in the first half of 2022. (Includes data chart.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/225282</guid>
      <pubDate>Fri, 29 Jul 2022 17:40:54 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/225282-gses-2q22-earnings-reflect-change-in-the-housing-market</link>
    </item>
    <item>
      <title>Fannie/Freddie Earnings Reveal Capital Shortfalls</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[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.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/224524</guid>
      <pubDate>Fri, 06 May 2022 14:45:44 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/224524-fannie-freddie-earnings-reveal-capital-shortfalls</link>
    </item>
    <item>
      <title>Seven-Quarter Decline in Outstanding FHLB Advances Ends </title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Outstanding Federal Home Loan Bank advances ticked up at the end of 2021, halting a nearly two-year decline. (Includes two data charts.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/223877</guid>
      <pubDate>Fri, 25 Feb 2022 15:29:05 -0500</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/223877-decline-in-fhlb-advances-abates</link>
    </item>
    <item>
      <title>GSEs’ Big 2021 Earnings Likely Unsustainable</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[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.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/223873</guid>
      <pubDate>Fri, 25 Feb 2022 15:25:07 -0500</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/223873-gses-big-2021-likely-unsustainable</link>
    </item>
    <item>
      <title>Multifamily Earnings: Fannie’s Up; Freddie Holds Steady</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Credit-related income boosts profits at Fannie Mae; fair value losses at Freddie Mac keep net income growth in check.]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/223893</guid>
      <pubDate>Fri, 25 Feb 2022 15:23:08 -0500</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/223893-multifamily-earnings-fannies-up-freddie-holds-steady</link>
    </item>
    <item>
      <title>Freddie Mac Posts Bumper $12.11 Billion Profit in 2021</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Although 2021 was a monster year for the mortgage giant, the fourth quarter looked more like a return to normal.]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/223765</guid>
      <pubDate>Fri, 11 Feb 2022 15:52:35 -0500</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/223765-freddie-mac-nets-274-billion-in-4q21</link>
    </item>
    <item>
      <title>Federal Home Loan Banks’ Income Ticks Up in Third Quarter</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[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.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/223067</guid>
      <pubDate>Wed, 24 Nov 2021 15:13:37 -0500</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/223067-did-the-fhlbanks-turn-the-corner</link>
    </item>
    <item>
      <title> GSEs’ Stratospheric Earnings Begin to Fall</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Fewer refinancings mean Fannie Mae’s and Freddie Mac’s amortization incomes from prepayments are in decline. (Includes data chart.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/222873</guid>
      <pubDate>Fri, 29 Oct 2021 14:30:00 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/222873-gses-stratospheric-earnings-begin-to-fall</link>
    </item>
    <item>
      <title>GSEs’ Earnings Soar in 2Q With Acquisitions, Home Prices</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[Historic home price appreciation and record low interest rates helped Fannie and Freddie increase income and cut costs. (Includes data chart.)]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/222114</guid>
      <pubDate>Fri, 06 Aug 2021 15:00:00 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/222114-gses-2q21-earnings-soar</link>
    </item>
    <item>
      <title>A Stock Downgrade for Fannie Mae and Freddie Mac</title>
      <author>dhollier@imfpubs.com</author>
      <description>
        <![CDATA[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.]]>
      </description>
      <guid>http://www.insidemortgagefinance.com/articles/220848</guid>
      <pubDate>Fri, 19 Mar 2021 15:30:00 -0400</pubDate>
      <link>https://www.insidemortgagefinance.com/articles/220848-analysts-downgrade-gse-stocks</link>
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