Fannie Mae Net Income Falls 52%
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From Bloomberg News
Fannie Mae’s fourth-quarter earnings fell 52% as the largest mortgage buyer had a $1.88-billion decline in the value of financial contracts used to hedge against interest rate swings. The company’s mortgage portfolio grew 12% to $791 billion last year.
Net income at the company fell to $952.2 million, or 94 cents a share, from $1.97 billion, or $1.92, a year earlier.
Shares of Fannie Mae fell 91 cents to $69.14 on the New York Stock Exchange.
