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.)

If the GSEs’ margins from the first three quarters of 2020 hold, Fannie Mae and Freddie Mac could earn combined profits of $19.9 billion for the year.

Fannie and Freddie reported a combined profit of $6.69 billion in the third quarter, a 54.8% sequential increase. However, year-to-date profits were down more than 19% due to COVID and CECL implementation. (Includes data chart.)