Quarterly Performance Report of the Housing GSEs - First Quarter 2014

The Enterprises

(Freddie Mac and Fannie Mae)

• Combined first quarter net income of $9.3 billion compared to $15.1 billion in the fourth quarter of 2013
• Enterprise MBS issuance share decreased to 70 percent compared to 74 percent in the fourth quarter of 2013
• Combined proceeds from private-label mortgage-related (PLS) securities settlements totaled $8.6 billion in the first quarter
• Loan loss reserves decreased $2.6 billion during the quarter

The Federal Home Loan Bank Syste​m

• ​Aggregate net income of $567 million in the first quarter of 2014, compared to $691 million in the fourth quarter of 2013
• Aggregate advances decreased during the quarter by 3 percent
• Advances as a percentage of total assets decreased slightly to 59 percent
• Retained earnings increased to $12.4 billion