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Fannie Mae Earnings Up 14 Percent

April 13, 1999

WASHINGTON (AP) _ Fannie Mae on Monday reported a 12.2 percent increase in first-quarter earnings on strong growth in its portfolio of mortgages.

The company, the nation’s largest source of financing for home mortgages, reported earnings of $924.9 million, or 88 cents per share, compared with $824.2 million, or 77 cents per share, in the same quarter a year earlier.

Fannie Mae attributed the gain to a 12 percent increase in net interest income and lower credit-related costs. The company’s portfolio of mortages grew at an annual rate of 25 percent during the quarter.

The results were slightly above analyst expectations of 87 cents a share, according to First Call Corp.

The company purchased $53 billion of mortgages in the first quarter of 1999, compared with $28.4 billion in the first quarter of 1998.

In addition, the company issued a record $106.5 billion of mortgage-backed securities in the first quarter of 1999, compared with $58.3 billion in the first quarter of 1998.

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