Quarterly Performance Report of the Housing GSEs - Fourth Quarter 2013

T​he Enterprises

(Freddie Mac and Fannie Mae)

• Combined full-year earnings of $132.7 billion
• Financial results benefited from release of the valuation allowance on deferred tax assets (DTA), rising national house prices, fewer delinquent loans, and proceeds from representation and warranty settlements and private-label mortgage-related (PLS) securities settlements

​The Federal Home Loan Bank System

• Aggregate 2013 earnings of $2.5 billion compared with $2.6 billion in 2012
• Aggregate advances increased during the year by 17 percent to $499 billion
• Advances as a percentage of total assets increased to 60 percent
• Retained earnings increased to $12.1 billion
• Legal settlements at several Banks related to private-label mortgage-backed securities contributed to earnings