In a hypothetical scenario in many ways worse than the great financial crisis, combined net income at Fannie Mae and Freddie Mac remained positive.

Combined net interest income at the GSEs has averaged $12.94 billion per quarter over the past year. And since the beginning of 2022, combined net income hasn’t dipped below $11.29 billion. (Includes data table.)

Fannie Mae’s net interest income has barely changed over the past 13 quarters, while Freddie Mac’s has increased slightly in all but one of those quarters. (Includes data table.)