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Fannie Mae Q1 Loss Narrows

Fannie Mae has posted net loss attributable to common stockholders of $13.06bn, or $2.29 per diluted share, in the first quarter of 2010, compared to a net loss attributable to common stockholders of $23.19bn, or $4.09bn in the first quarter of 2009.

Net revenues for the first quarter of 2010 were $3.02bn compared to $5.19bn in the first quarter of 2009.

Fannie Mae has asked the US Treasury Department to provide $8.4bn as aid on or prior to June 30, 2010.

The first-quarter loss resulted in a net worth deficit of $8.4bn as of March 31, 2010, taking into account a $3.3bn reduction in Fannie Mae’s deficit related to the adoption of new accounting standards, as well as unrealized gains on available-for sale securities during the first quarter.

During the first quarter of 2010, Fannie Mae purchased or guaranteed an estimated $191.4bn in loans, measured by unpaid principal balance, including approximately $40bn in delinquent loans purchased in March from the company’s mortgage backed securities trusts.

Total nonperforming loans in Fannie Mae’s guaranty book of business were $223.9bn as of March 31, 2010.

Mike Williams, president and CEO of Fannie Mae, said: “In the first quarter we continued to serve as a leading source of liquidity to the mortgage market, and we made solid progress in our ongoing efforts to keep people in their homes.

“Working with our lender partners, we completed 94,000 loan modifications in the quarter, more than half of which were conversions of trial modifications under the Obama Administration’s Home Affordable Modification Program.”