Despite the struggles of its independent mortgage bank counterparties, Fannie Mae delivered $4.3 billion in net income during the first quarter of the year, up from $3.9 billion in the prior quarter, the government-sponsored enterprise (GSE) reported Tuesday.

The GSE’s net worth grew from $77.4 billion at the end of 2023 to $82 billion as of March 31. Its growth was “primarily drive by a shift to fair value gains and a shift to a benefit for credit losses, partially offset by a decrease in net interest income,” Fannie Mae explained in a statement that accompanied its financial details ⇒

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