"At a time when many companies are reporting disappointing results, Fannie Mae continues to meet or exceed performance expectations," says Fannie Mae CEO Franklin D. Raines. He says the company's access to international capital markets has allowed it to purchase record numbers of mortgages during the first quarter. "Fannie Mae's critical role in providing liquidity during the current period of mortgage refinancings has been extremely beneficial to homeowners and lenders, and also to our shareholders," he says.
Raines notes that Fannie Mae's revenues grew by more than 20% compared with the first quarter of 2000, nearly double the growth rate of the company's operating costs over the same period. The organization's administrative expenses grew 10.4% over the same period last year, totaling $239.5 million.
Fannie Mae's chief financial officer, Timothy Howard, predicts the growth in earnings per share to continue. "With our first quarter results we now expect growth in operating EPS for 2001 to be above the 14.9% growth rate required to double our EPS in the five years ending 2003," he says.
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