By Katherine Hamilton

The Federal National Mortgage Association, or Fannie Mae, posted a lower income and flat revenue in the first quarter.

The government-sponsored buyer and seller of mortgages on Wednesday posted a net income of $3.66 billion in the three months ended March 31, compared with $4.32 billion a year earlier.

Revenue was essentially flat at $7.09 billion. Fannie Mae's net worth grew 20% to $98.31 billion, driven by revenue.

Housing prices rose 1.4% on a national basis in the first quarter, Fannie Mae said.

Director William Pulte said there are opportunities to trim fat and generate more earnings at Fannie Mae.

"The operational improvements we are driving at Fannie Mae will turn around the company and will make Fannie Mae a great American icon once again," Pulte said.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

April 30, 2025 07:57 ET (11:57 GMT)

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