Earnings at Fannie Mae more than doubled in the first quarter to $3.78 billion despite revenue falling.
The government sponsored entity reported $6.85 billion in revenues in the first quarter, down from $7.14 billion in the fourth quarter, attributing the revenue decline to falling amortization income as high interest rates resulted in lower prepayment speeds.
Though $3.78 billion in net income represented a strong quarter, it was still 14% below the $4.41 billion in net income reported in the first quarter of last year.
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