Fannie Mae last week released earning results for the fourth quarter, as well as its December monthly summary. The GSE reported fourth quarter core business earnings of $1.77 per share, which is up 6.6% from one year ago.

The GSE's net outstanding MBS grew 29.4% annualized to $1.3 trillion. This was led by declines in Fannie MBS repurchases and liquidations. The firm's G-fee came in at 19.5 basis points in the fourth quarter. This is down slightly from 20 basis points in the third quarter. A report by Credit Suisse First Boston attributes this decline to the drop in prepayment activity.

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