Although Freddie Mac and Fannie Mae continue to post strong earnings — excluding dividends to the U.S. Treasury — Ginnie Mae saw its profits fall almost 50% in fiscal year 2012, according to figures released Thursday.

But the reason for the decline in earnings was not unexpected. In a press statement Ginnie president Ted Tozer blamed the lower performance on “an increase in provisions for losses.”

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.