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.”

The government guarantor earned $610 million for the year ending Sept. 30, compared to $1.18 trillion in FY 2011.

The agency’s guarantee covers roughly $1.3 trillion of home mortgages, or 14% of the entire mortgage market, according to figures compiled by ASR sister publication National Mortgage News and the Quarterly Data Report.

Recently, Freddie Mac posted third-quarter earnings of $5.6 billion, Fannie Mae $2.6 billion.

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