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.

New business may be up for both the single-family and multifamily businesses, but loan loss provisions due to softening home price growth cut into profits at both Fannie and Freddie. (Includes data table.)

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.)