We have released our Q2 2023 financial results and filed our Form 10-Q for the quarter ended June 30, 2023 with the SEC. Below are some highlights from our filing.

Key Multifamily Metrics


Q2 2023

Q1 2023

Net Interest Income ($ millions)



Net Income ($ millions)



New Business Volume ($ billions)



Guaranty Book of Business ($ billions)
(as of quarter end)



Serious Delinquency Rate
(as of quarter end)



Other Multifamily Highlights

  • Multifamily financed approximately 139,000 units of multifamily rental housing in the second quarter of 2023, a significant majority of which were affordable to households earning at or below 120% of area median income, providing support for both workforce and affordable housing.
  • Multifamily revenue for the second quarter of 2023 was driven by $1.1 billion in net interest income. Over 75% of our multifamily net interest income in the second quarter of 2023 was derived from guaranty fee income, which continued to provide a stable driver of earnings for the business.
  • Multifamily’s net income was $600 million in the second quarter of 2023, compared to $640 million in the first quarter of 2023.
  • The overall credit profile of our multifamily book remains strong, with a weighted-average original loan-to-value ratio of 64 percent and a weighted-average debt service coverage ratio of 2.1 times. However, our multifamily seniors housing loans, especially those that are adjustable-rate mortgages, remain stressed. Seniors housing loans represent 4 percent of our multifamily book as of the end of the second quarter, but nearly 40 percent of these loans had a debt service coverage ratio below 1.0 as of June 30, indicating a heightened risk of default. We recorded a $152 million provision for multifamily credit losses in the second quarter on our multifamily book, primarily due to decreases in estimated property values seen in the overall multifamily sector following years of strong growth.
  • The multifamily serious delinquency rate increased to  0.37% as of June 30, 2023 compared with 0.35% as of March 31, 2023.
  • In April 2023, we entered into a new credit risk transfer transaction, transferring mortgage credit risk through our MCIRT™ program. As of June 30, 2023, a portion of the credit risk on approximately 26% of our multifamily guaranty book was covered by a back-end credit risk transfer transaction.


Company Highlights

  • Fannie Mae reported net income of $5.0 billion for the second quarter of 2023.
  • Net income increased $1.2 billion in the second quarter of 2023 compared with the first quarter of 2023, primarily driven by a $1.4 billion shift from provision for credit losses to benefit for credit losses.
  • Fannie Mae’s net worth increased to $69.0 billion as of June 30, 2023 from $64.0 billion as of March 31, 2023.
  • Fannie Mae provided $104 billion in liquidity to the mortgage market in the second quarter of 2023, helping borrowers and renters across the country to own or rent a home through the financing of approximately 420,000 home purchases, refinancings, and rental units.