Earnings at Fannie Mae in 2022 sank to $12.9 billion as the housing market deteriorated, down dramatically from $22.1 billion in 2021, the government sponsored enterprise reported Tuesday.

Last year’s $9.3 billion decrease in net income was primary driven by an $11.4 billion decline in home prices and a $1.6 billion shift to investment losses, which was partially offset by a $1.1 billion increase in fair value gains, the GSE said.

In the fourth quarter, Fannie Mae recorded $1.4 billion in net income, down from $2.4 billion in the third details ⇒

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