房利美 2025年季度报告

Washington, D.C. 20549 Form10-Q ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the quarterly period endedMarch 31, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the transition period fromto Commission file number:0-50231 Federal National Mortgage Association(Exact name of registrant as specified in its charter)Fannie Mae 800232-6643 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrantwas required to submit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☑ As of April 11, 2025, there were1,158,087,567shares of common stock of the registrant outstanding. TABLE OF CONTENTS PARTI—Financial Information PARTII—Other Information Item1.Legal ProceedingsItem1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.Exhibits Fannie Mae First Quarter 2025 Form 10-Q PART I—FINANCIAL INFORMATION Item 2.Management’s Discussion and Analysis of FinancialCondition and Results of Operations You should read this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) in conjunctionwith our unaudited condensed consolidated financial statements and related notes in this report and the more detailed information in ourannual report on Form 10-K for the year ended December 31, 2024 (“2024 Form10-K”). You can find a “Glossary of Terms Used in ThisReport” in MD&A in our 2024 Form10-K. This report includes forward-looking statements based on management’s current expectations that are subject to significant uncertainties.Future events and our results may differ materially from those reflected in our forward-looking statements due to a variety of factors,including those discussed in “Forward-Looking Statements,” “Risk Factors” and elsewhere in this report and in our 2024 Form10-K. About Fannie Mae Fannie Mae is a leading source of financing for residential mortgages in the United States. We provided $76.1 billion in liquidity to themortgage market in the first quarter of 2025, which enabled the financing of approximately 287,000 home purchases, refinancings, andrental units. We are a government-sponsored, stockholder-owned corporation, chartered by Congress to provide liquidity and stability to the U.S.housing market and to promote access to mortgage credit. We primarily do this by buying residential mortgage loans that are originatedby lenders. We place these loans into trusts and issue guaranteed mortgage-backed securities (“MBS” or “Fannie Mae MBS”) that globalinvestors buy from us. We do not originate mortgage loans or lend money directly to borrowers. We provide a guaranty on the MBS that we issue. If a borrower fails to make a payment on a mortgage loan that is included in a FannieMae MBS, we pay the shortfall amount to the MBS investor. In exchange for providing this guaranty, we receive a guaranty fee. Guarantyfees are the primary source of our revenues. Because we assume the credit risk for mortgage loans in our MBS, our earnings are affected by the credit performance of these loans.Credit risk management is therefore key to our business and financial results. To help manage our mortgage credit risk exposure, and inresponse to capital and other requirements, we transfer some of our credit risk exposure to third parties through credit risk transfer andmortgage insurance. For a discussion of how we manage credit risk, see “MD&A—Single-Family Business—Single-Family MortgageCredit Risk Management” and “MD&A—Multifamily Business—Multifamily Mortgage Credit