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FNMA Federal National Mortgage Association Fannie Mae

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk.

Company profile

Ticker
FNMA, FNMAJ, FNMAS, FNMAT, FNMAM, FNMFM, FNMFN, FNMAO, FNMAL, FNMAN, FNMAK, FNMAG, FNMAH, FNMAI, FNMFO, FNMAP
Exchange
CEO
Hugh Frater
Employees
Fiscal year end
Former names
FEDERAL NATIONAL MORTGAGE ASSOCIATION
SEC CIK
IRS number
520883107

FNMA stock data

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Calendar

30 Apr 21
14 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 114.34B 114.34B 114.34B 114.34B 114.34B 114.34B
Cash burn (monthly) 427.33M 1.2B (positive/no burn) (positive/no burn) (positive/no burn) 4.19B
Cash used (since last report) 1.06B 2.96B n/a n/a n/a 10.34B
Cash remaining 113.29B 111.38B n/a n/a n/a 104.01B
Runway (months of cash) 265.1 93.0 n/a n/a n/a 24.8

Beta Read what these cash burn values mean

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

0.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 24 20 +20.0%
Opened positions 8 3 +166.7%
Closed positions 4 2 +100.0%
Increased positions 4 1 +300.0%
Reduced positions 5 4 +25.0%
13F shares
Current Prev Q Change
Total value 11.33M 7.17M +57.9%
Total shares 3.66M 3.55M +2.9%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
CapWealth Advisors 1.83M $4.37M +32.9%
Matthew 25 Management 1.25M $2.99M +78.6%
WINTON 223.94K $535K -70.4%
Jet Capital Investors L P 150K $359K NEW
FinTrust Capital Advisors 100K $236K NEW
HighPoint Advisor 19.98K $39K +33.4%
Edge Wealth Management 18.88K $44K -12.2%
Kovack Advisors 16.3K $39K -23.5%
Formidable Asset Management 14.85K $35K -25.2%
Bard Financial Services 11.7K $28K NEW
Largest transactions
Shares Bought/sold Change
Matthew 25 Management 1.25M +550K +78.6%
WINTON 223.94K -531.47K -70.4%
CapWealth Advisors 1.83M +452.25K +32.9%
Hosking Partners 0 -439.25K EXIT
Jet Capital Investors L P 150K +150K NEW
Albion Financial 0 -135K EXIT
FinTrust Capital Advisors 100K +100K NEW
Pacific Capital Wealth Advisors 0 -52.5K EXIT
Bard Financial Services 11.7K +11.7K NEW
Formidable Asset Management 14.85K -5K -25.2%

Financial report summary

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Risks
  • The future of our company is uncertain.
  • Our business activities are significantly affected by the conservatorship and the senior preferred stock purchase agreement and could be significantly impacted by the enterprise regulatory capital framework.
  • Our regulator is authorized or required to place us into receivership under specified conditions, which would result in our liquidation, and FHFA, acting as receiver, proceeding to realize on our assets. Amounts recovered by our receiver from these actions may not be sufficient to repay the liquidation preference of any series of our preferred stock or to provide any proceeds to common shareholders.
  • Our business and results of operations may be materially adversely affected if we are unable to retain and recruit well-qualified executives and other employees. The conservatorship, the uncertainty of our future and limitations on our executive and employee compensation put us at a disadvantage compared to many other companies with which we compete for talent.
  • Pursuing our housing goals and duty to serve obligations may adversely affect our business, results of operations and financial condition
  • The conservatorship and agreements with Treasury adversely affect our common and preferred shareholders.
  • The liquidity and market value of our MBS could be adversely affected by developments in the UMBS market, including those connected with our or Freddie Mac’s exit from conservatorship.
  • Our issuance of UMBS and structured securities backed by Freddie Mac-issued securities has increased our operational and counterparty credit risk.
  • Our reliance on CSS and the common securitization platform has increased our counterparty and third-party risk.
  • We are limited in our ability to diversify our business and may be prohibited from undertaking activities that management believes would benefit our business.
  • An active trading market in our equity securities may cease to exist, which would adversely affect the market price and liquidity of our common and preferred stock.
  • We expect the COVID-19 pandemic to continue to adversely affect our business and financial results.
  • We may incur significant credit losses and credit-related expenses on the loans in our book of business.
  • One or more of our institutional counterparties may fail to fulfill their contractual obligations to us, resulting in financial losses, business disruption and decreased ability to manage risk.
  • Our financial condition or results of operations may be adversely affected if mortgage servicers fail to perform their obligations to us.
  • We may incur losses as a result of claims under our mortgage insurance policies not being paid in full or at all.
  • Mortgage fraud could result in significant financial losses and harm to our reputation.
  • We may suffer losses if borrowers are unable to obtain property or flood insurance, if their claims under insurance policies are not paid, or if they suffer property damage as a result of a hazard for which we do not require insurance, such as flooding outside of certain areas.
  • The occurrence of major natural or other disasters in the United States or its territories and the impact of climate change could negatively impact our credit losses and credit-related expenses.
  • A failure in our operational systems or infrastructure, or those of third parties, could materially adversely affect our business, impair our liquidity, cause financial losses and harm our reputation.
  • A breach of the security of our systems or facilities, or those of third parties with which we do business, including as a result of cyber attacks, could damage or disrupt our business or result in the disclosure or misuse of confidential information, which could damage our reputation, result in regulatory sanctions and/or increase our costs and cause losses.
  • Our concurrent implementation of multiple new initiatives may increase our operational risk and result in one or more material weaknesses in our internal control over financial reporting.
  • Material weaknesses in our internal control over financial reporting could result in errors in our reported results or disclosures that are not complete or accurate.
  • Failure of our models to produce reliable results may adversely affect our ability to manage risk and make effective business decisions.
  • Limitations on our ability to access the debt capital markets could have a material adverse effect on our ability to fund our operations, and our liquidity contingency plans may be difficult or impossible to execute during a sustained liquidity crisis.
  • A decrease in the credit ratings on our senior unsecured debt could have an adverse effect on our ability to issue debt on reasonable terms, particularly if such a decrease were not based on a similar action on the credit ratings of the U.S. government. A decrease in our credit ratings also could require that we post additional collateral for our derivatives contracts.
  • Changes in interest rates or our loss of the ability to manage interest-rate risk successfully could adversely affect our financial results and condition, and increase interest-rate risk.
  • Changes in spreads could materially impact our results of operations, net worth and the fair value of our net assets.
  • Uncertainty relating to the potential discontinuance of LIBOR may adversely affect our results of operations, financial condition, liquidity and net worth.
  • A deterioration in general economic conditions, particularly home prices and employment trends, or the financial markets may materially adversely affect our business and financial condition.
  • A decline in activity in the U.S. housing market or increasing interest rates could lower our business volumes or otherwise adversely affect our results of operations, net worth and financial condition.
  • Regulatory changes in the financial services industry may negatively impact our business.
  • Legislative, regulatory or judicial actions could negatively impact our business, results of operations, financial condition or net worth.
  • Our business and financial results could be materially adversely affected by legal or regulatory proceedings.
  • Changes in accounting standards and policies can be difficult to predict and can materially impact how we record and report our financial results.
  • In many cases, our accounting policies and methods, which are fundamental to how we report our financial condition and results of operations, require management to make judgments and estimates about matters that are inherently uncertain. Management also relies on models in making these estimates.
Management Discussion
  • •Net revenues increased $1.4 billion in the first quarter of 2021, compared with the first quarter of 2020, primarily due to an increase in net amortization income as a result of continued high prepayment volumes from loan refinancings in the first quarter of 2021 driven by the low interest-rate environment. High prepayments result in accelerated amortization of cost basis adjustments, including risk-based pricing adjustments and other upfront fees we received at the time of loan acquisition. We anticipate net revenues from prepayment activity will begin to slow in the second half of 2021, as we expect mortgage interest rates are likely to rise, resulting in fewer borrowers who can benefit from a refinancing. Lower levels of refinancing will likely slow the accelerated amortization of cost basis adjustments for loans in our book of business as loans remain outstanding for longer, and therefore will likely result in lower amortization income in any one period.
Content analysis
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Uncertain
Constraining
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