Featured Stories
Smithsonian Tropical Research Institute: How Can Ocean Conservation and Human Resilience Reach a Broader Audience?
PANAMA CITY, Panama, Oct. 29 -- The Smithsonian Tropical Research Institute issued the following news:
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Amber Carter
How can ocean conservation and human resilience reach a broader audience?
October 27, 2026
Resilience and Sustainability fellow Amber Carter joins the 2026 cohort for The Prince Albert II of Monaco Foundation's initiative Re.Generation Future Leaders Program, gaining a unique global platform to share her passion for human and ocean resilience.
Marine social-ecological scientist Amber Carter uses storytelling to amplify the intersection between conservation and people.
... Show Full Article
PANAMA CITY, Panama, Oct. 29 -- The Smithsonian Tropical Research Institute issued the following news:
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Amber Carter
How can ocean conservation and human resilience reach a broader audience?
October 27, 2026
Resilience and Sustainability fellow Amber Carter joins the 2026 cohort for The Prince Albert II of Monaco Foundation's initiative Re.Generation Future Leaders Program, gaining a unique global platform to share her passion for human and ocean resilience.
Marine social-ecological scientist Amber Carter uses storytelling to amplify the intersection between conservation and people.From fishing communities in Madagascar to the Pacific coastline communities of western Panama, her research focuses on sharing human stories at the center of conservation efforts and policies.
Thanks to her work as communicator, she was selected as part of the 2026 cohort for the Re.Generation Future Leaders Program, an initiative dedicated to empowering young environmental leaders from across the world.
"I wanted the opportunity to increase the impact and influence of my work outside of the academic sphere," said Carter, who is a Resilience and Sustainability postdoctoral fellow in the Smithsonian Tropical Research Institute (STRI)'s Adrienne Arsht Community-Based Resilience Solutions Initiative.
Carter joins a cohort of ten future leaders in the program, hosted by The Prince Albert II of Monaco Foundation, a global non-profit organization founded by HSH Prince Albert II of Monaco in 2006, committed to progressing Planetary Health for present and future generations.
Re.Generation is one of the top initiatives of the foundation, designed to work with young early-career people from diverse geographical and professional backgrounds--scientists, activists, entrepreneurs, media professionals, and more--who have demonstrated exceptional commitment to environmental protection and sustainability.
The Re.Generation Future Leaders Program aims to help these changemakers develop leadership skills, offer them visibility through public speaking opportunities linked to the Foundation's activities, and build an international network of emerging experts and leaders.
In 2026, Carter participated in the Future Leaders Campus, which the foundation also hosts every July in Monaco, to receive personalized leadership training and master classes from global leaders in sustainability. It was also an opportunity to connect and cooperate with other members of the cohort and learn how their work is focused on sustainability.
"Sharing this campus and meeting people from other industries is so inspiring," she shares. "Everyone in the cohort brings a unique background and perspective, which broadened my own mindset. These are the lifelong connections I will have for the rest of my career."
"In addition to exceptional science, Resilience Fellows bring their personal skills and ambitions to make the world--the ocean--a better place. Amber does this through communication and deep commitment to people and places," states Ana Spalding, STRI staff scientist and director of the Adrienne Arsht Community-Based Resilience Solutions Initiative. "The Re.Generation program is amplifying things that Amber already does naturally. It's been a perfect fit for her."
Most recently, the foundation supported Carter to attend New York Climate Week in September where she spoke on several panels and shared her work with global environmental decisionmakers.
Carter highlights the value of this type of collaboration between STRI and other global organizations and foundations, and to have access to connections and opportunities to reach a broader international audience and networks.
"Through this program, I can explore how I share my research more effectively and have a greater impact," she explains. "I encourage postdoctoral fellows to apply to this program, even if they can't see the direct relationship with their research. If you're motivated by your research having influence and impact, then this program is for you."
Carter will also share her ongoing research during the STRI monthly public webinar, titled "Living with the Sea: Rethinking Conservation in a Changing Ocean", which will take place on Zoom on October 29th at 12:00 p.m. EST.
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About the Smithsonian Tropical Research Institute
Headquartered in Panama City, Panama, STRI is a unit of the Smithsonian Institution. Our mission is to understand tropical biodiversity and its importance to human welfare, to train students to conduct research in the tropics and to promote conservation by increasing public awareness of the beauty and importance of tropical ecosystems. Watch our video, and visit our website, Facebook, X and Instagram for updates.
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Original text here: https://stri.si.edu/story/amber-carter
Caltech Names Artemis II Commander Reid Wiseman as NASA JPL Deputy
PASADENA, California, Oct. 29 -- NASA Jet Propulsion Laboratory issued the following news:
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Caltech Names Artemis II Commander Reid Wiseman as NASA JPL Deputy
Oct. 28, 2026
The emeritus NASA astronaut and retired Navy captain will be responsible for the strategic leadership, stewardship, and continuous improvement of laboratory operations.
Artemis II Commander Reid Wiseman has been named Caltech associate vice president and deputy director of NASA's Jet Propulsion Laboratory in Southern California. The emeritus astronaut and retired U.S. Navy captain begins his new role at NASA's center
... Show Full Article
PASADENA, California, Oct. 29 -- NASA Jet Propulsion Laboratory issued the following news:
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Caltech Names Artemis II Commander Reid Wiseman as NASA JPL Deputy
Oct. 28, 2026
The emeritus NASA astronaut and retired Navy captain will be responsible for the strategic leadership, stewardship, and continuous improvement of laboratory operations.
Artemis II Commander Reid Wiseman has been named Caltech associate vice president and deputy director of NASA's Jet Propulsion Laboratory in Southern California. The emeritus astronaut and retired U.S. Navy captain begins his new role at NASA's centerof excellence for robotics and deep space exploration and at Caltech, which manages JPL for NASA, on Nov. 30, 2026.
"Reid has spent his career at the edge of what is possible, and he has the technical judgment, operational experience, and leadership to help push that edge farther," said NASA Administrator Jared Isaacman. "As commander of Artemis II, he helped carry America back around the Moon, and now, as an emeritus astronaut, he will continue giving back to NASA from a new vantage point at JPL. Reid is joining a storied laboratory that has made an enormous amount of history, and there is a lot more ahead. I am excited to see what he and the JPL team accomplish in the years to come."
During the Artemis II test flight, Wiseman, Victor Glover, Christina Koch, and Jeremy Hansen jourCCCCCneyed 695,081 miles on a lunar flyby that took them farther than any humans have ever traveled before.
"It feels fitting for Reid, who with the Artemis II crew traveled farther from Earth than any human in history, to join Caltech and JPL -- institutions that for nearly 90 years have sent spacecraft into the far reaches of our solar system and beyond," said Dave Gallagher, JPL director and Caltech vice president. "Reid shares our drive for discovery, knows what it takes to lead teams through high-stakes missions, and has a remarkable ability to inspire people everywhere. He adds incredible bench strength to our leadership team as we build on the lab's legacy and shape its future together."
After joining NASA's astronaut corps in 2009, Wiseman went on to serve as flight engineer aboard the International Space Station for the 165-day Expedition 41 mission in 2014 and was a commander of NASA's 21st Extreme Environment Mission Operations expedition, during which he lived for eight days in a habitat on the ocean floor in 2016. As the agency's chief astronaut from December 2020 to November 2022, Wiseman led NASA's astronaut corps, overseeing crew flight readiness and crew safety for all NASA human spaceflight missions. During his years of service at the agency, he has conducted hundreds of scientific experiments.
"I've explored the furthest reaches of what a human can explore at NASA -- and there were truly no words in the English vocabulary to describe seeing the Sun disappear behind the Moon from deep space. But that experience was really the jumping off point to go do the impossible things that Caltech and JPL dream, dare together, and do for NASA and the nation," Wiseman said. "What an awesome time in my career to join this team and to try and push humanity and push our understanding of the solar system and the universe."
Wiseman joins JPL, NASA's only federally funded research and development center, as the lab approaches its 90th anniversary since being founded by Caltech. In his role as Caltech's associate vice president and JPL deputy director, Wiseman will be responsible for the strategic leadership, stewardship and continuous improvement of laboratory operations, including close partnership with Caltech on institutional planning, management and compliance. Serving as Center Management Authority for JPL mission execution, Wiseman will ensure operational excellence across mission support functions in accordance with NASA requirements and applicable federal and state regulations. In addition, he will be JPL's primary interface for national security programs.
"Reid brings to Caltech and JPL a truly unprecedented view of what humanity can achieve when ingenuity and determination are matched with the courage to pursue the furthest frontiers," said Caltech president Ray Jayawardhana. "His pioneering spirit coupled with unbounded curiosity make him a natural fit for Caltech and JPL, a force-multiplier for a community whose daring continues to push the limits of humanity's reach. I look forward to working closely with Dave and Reid as we chart our next era of exploration in partnership with NASA, elevating America's space ambitions to breathtaking new heights."
After receiving a bachelor's degree in computer and systems engineering from Rensselaer Polytechnic Institute, Wiseman joined the Navy, going on to fly combat missions and serve as a test pilot. He also has a master's degree in systems engineering from Johns Hopkins University in his hometown of Baltimore.
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Original text here: https://www.jpl.nasa.gov/news/caltech-names-artemis-ii-commander-reid-wiseman-as-nasa-jpl-deputy/
Postal Service IG: Michigan 1 District: Delivery Operations
WASHINGTON, Oct. 28 (TNSLrpt) -- The U.S. Postal Service Inspector General issued the following audit report (No. 26-087-R27) on October 15, 2026, entitled "Michigan 1 District: Delivery Operations."
Here are excerpts:
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During the week of May 5, 2026, we performed a self-initiated audit at the Detroit Processing and Distribution Center (P&DC), and three delivery units serviced by the P&DC. The delivery units included Grand Shelby Carrier Annex, Gratiot Station, and Strathmoor Station Detroit, MI.
We issued individual reports for the three delivery units and one report for the P&DC. We
... Show Full Article
WASHINGTON, Oct. 28 (TNSLrpt) -- The U.S. Postal Service Inspector General issued the following audit report (No. 26-087-R27) on October 15, 2026, entitled "Michigan 1 District: Delivery Operations."
Here are excerpts:
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During the week of May 5, 2026, we performed a self-initiated audit at the Detroit Processing and Distribution Center (P&DC), and three delivery units serviced by the P&DC. The delivery units included Grand Shelby Carrier Annex, Gratiot Station, and Strathmoor Station Detroit, MI.
We issued individual reports for the three delivery units and one report for the P&DC. Wealso issued another report summarizing the results of our audits at all three delivery units with specific recommendations for management to address.
The audit team identified deficiencies in five areas we reviewed affecting mail delivery and property conditions at the three delivery units.
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View the original text at: https://www.uspsoig.gov/sites/default/files/reports/2026-10/26-087-r27.pdf
IDB-ECLAC Study: Latin America and the Caribbean Needs $170 Billion Annually to Conserve Biodiversity
WASHINGTON, Oct. 28 (TNSrpt) -- The Inter-American Development Bank issued the following news release:
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IDB-ECLAC Study: Latin America and the Caribbean Needs $170 Billion Annually to Conserve Biodiversity
October 27, 2026
WASHINGTON -- Latin America and the Caribbean needs approximately $170 billion annually to conserve its biodiversity and restore its ecosystems, according to a new study by the Inter-American Development Bank (IDB) and the Economic Commission for Latin America and the Caribbean (ECLAC). At current financing flows, the estimated annual financing gap is nearly $153 billion,
... Show Full Article
WASHINGTON, Oct. 28 (TNSrpt) -- The Inter-American Development Bank issued the following news release:
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IDB-ECLAC Study: Latin America and the Caribbean Needs $170 Billion Annually to Conserve Biodiversity
October 27, 2026
WASHINGTON -- Latin America and the Caribbean needs approximately $170 billion annually to conserve its biodiversity and restore its ecosystems, according to a new study by the Inter-American Development Bank (IDB) and the Economic Commission for Latin America and the Caribbean (ECLAC). At current financing flows, the estimated annual financing gap is nearly $153 billion,equivalent to approximately 2.1% of regional GDP.
The new joint report, The Biodiversity Financing Gap in Latin America and the Caribbean: Needs, Flows, and Mobilization Strategies Toward 2030, provides the first comprehensive regional estimate of the financing needed to conserve, restore, and sustainably use biodiversity and ecosystem services across the region. The study finds that current financing flows for biodiversity in the region amount to only about $17 billion per year.
The report emphasizes that biodiversity financing should be viewed as an economic development agenda rather than solely an environmental one. Biodiversity loss threatens productivity, water availability, public finances, exports, investment opportunities, and economic stability throughout the region. At the same time, investments in natural capital can generate jobs, strengthen resilience, increase competitiveness, and attract private investment. Closing the biodiversity financing gap depends on improving the efficiency of existing spending, reforming incentives harmful to biodiversity, strengthening public financing, expanding private-sector participation, and scaling innovative financial instruments and mechanisms.
According to the report, an ambitious transformation scenario could reduce the financing gap by approximately 74% by 2030 through the combined mobilization of public resources, private capital, innovative financial tools, and redirected subsidies.
"Latin America and the Caribbean has a unique opportunity to become a global leader in nature finance. The region's biodiversity sustains communities, supports economic activity, and underpins the region's resilience to climate and environmental shocks," said Gregory Watson, Chief of the Biodiversity and Natural Capital Unit at the IDB. "The challenge ahead is to align planning, investment, and economic incentives with conservation outcomes, ensuring that nature continues to generate benefits for current and future generations. Closing the biodiversity financing gap is therefore not only an environmental imperative, but a development opportunity for the region," he added.
Angela Maria Penagos Concha, Director of the ECLAC Office in Bogota and Additional Supervisor of the Water and Biodiversity Unit, added: "Latin America and the Caribbean is home to some of the planet's greatest natural wealth, which sustains its productive development and is key to overcoming the development traps it faces. Yet, current financing flows cover barely one-tenth of the estimated needs for biodiversity conservation, restoration, and sustainable use. Nearly 60% of these needs are associated with the transition toward more sustainable agriculture and livestock. Given the region's fiscal constraints, closing this gap will require better use of existing resources and additional financing, making nature a driver of the productive transformation needed to reduce inequalities and move toward a more sustainable development model."
The report argues that with the right mix of public policies, institutional strengthening, private investment, and international cooperation, the region can conserve and protect its natural capital while simultaneously leveraging it as a powerful engine for sustainable development.
The study was developed jointly by the IDB and ECLAC and is being released as countries advance implementation of the Kunming-Montreal Global Biodiversity Framework and seek to accelerate resource mobilization for biodiversity worldwide.
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About the IDB
The Inter-American Development Bank (IDB), a member of the IDB Group, is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the Bank works with the region's public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise, and knowledge, it promotes growth and well-being in 26 countries. Visit our website: https://www.iadb.org/en.
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About the Economic Commission for Latin America and the Caribbean (ECLAC)
The Economic Commission for Latin America and the Caribbean (ECLAC) is one of the five regional commissions of the United Nations. Established in 1948 and headquartered in Santiago, Chile, it promotes the economic and social development of the region and supports evidence-based policymaking through research, analysis, and technical cooperation. ECLAC works with countries to transform their development models toward more productive, inclusive, and sustainable economies. It has subregional headquarters in Mexico City and Port of Spain, national offices in Buenos Aires, Brasilia, Bogota, and Montevideo, and a liaison office in Washington, D.C.
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REPORT: https://publications.iadb.org/publications/english/document/The-Biodiversity-Financing-Gap-in-Latin-America-and-the-Caribbean.pdf
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Original text here: https://www.iadb.org/en/news/idb-eclac-study-latin-america-and-caribbean-needs-170-billion-annually-conserve-biodiversity
Fannie Mae Third Quarter 2026 Financial Results Webcast
WASHINGTON, Oct. 28 -- Fannie Mae issued the following news release:
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Fannie Mae Third Quarter 2026 Financial Results Webcast
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Adapted from comments delivered by Peter Akwaboah, Acting Chief Executive Officer and Chief Operating Officer, and Chryssa C. Halley, Chief Financial Officer, Fannie Mae, Washington, D.C.
Fannie Mae Moderator:
Good day, and welcome to the Fannie Mae Third Quarter 2026 Financial Results Webcast. At this time, I will now turn it over to your host, Terence O'Hara, Fannie Mae's Director of Enterprise Communications.
Terence O'Hara:
Hello, and thank you for joining
... Show Full Article
WASHINGTON, Oct. 28 -- Fannie Mae issued the following news release:
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Fannie Mae Third Quarter 2026 Financial Results Webcast
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Adapted from comments delivered by Peter Akwaboah, Acting Chief Executive Officer and Chief Operating Officer, and Chryssa C. Halley, Chief Financial Officer, Fannie Mae, Washington, D.C.
Fannie Mae Moderator:
Good day, and welcome to the Fannie Mae Third Quarter 2026 Financial Results Webcast. At this time, I will now turn it over to your host, Terence O'Hara, Fannie Mae's Director of Enterprise Communications.
Terence O'Hara:
Hello, and thank you for joiningthis webcast to discuss Fannie Mae's financial results for the third quarter of 2026.
Please note this webcast includes forward-looking statements, including expectations related to the company's business plans and strategies, and their impact; the company's future financial condition and performance; the future performance and credit characteristics of the company's book of business; and future mortgage market conditions. Future events may turn out to be very different from these statements.
Factors that may lead to different results are identified in the "Forward-Looking Statements" section of the company's Third Quarter 2026 Form 10-Q, filed today, and the "Forward-Looking Statements" and "Risk Factors" sections of the company's 2025 Form 10-K, filed February 11, 2026.
A recording of this webcast will be posted on the company's website. We ask that you do not record this webcast for public broadcast, and that you do not publish any full transcript.
And now I will turn the call over to Fannie Mae's Acting Chief Executive Officer and Chief Operating Officer, Peter Akwaboah, who will be followed by Fannie Mae Chief Financial Officer Chryssa C. Halley.
Peter Akwaboah:
Good morning, and thank you for joining us today.
3Q 2026 Key Summary
Reflecting on our third quarter results, we are proud of the critical role we play in helping to make housing more accessible and affordable for homeowners and renters nationwide.
As you will hear from Chryssa in more detail, elevated interest rates have broad impacts across our business. They also continue to put pressure on housing affordability, making Fannie Mae's mission particularly important.
So far in 2026, we provided $344 billion in liquidity to the mortgage market, helping approximately 1.2 million households, including more than 295,000 first-time homebuyers. Year to date, 46% of our single-family acquisitions and 77% of our multifamily acquisitions served households earning less than or equal to 100% of area median income, supporting affordable homeownership and rental opportunities across America. And continuing on the progress discussed last quarter, our efforts to provide appraisal and title insurance alternatives helped borrowers save an estimated $141 million in closing costs so far this year.
Alongside our mission, we remain committed to the following priorities: strengthen our financial resilience by building our net worth and managing risks; advance technologies to improve execution while maintaining expense discipline; and enhance the housing finance system in ways that promote greater choice, transparency, and sustainable access to homeownership.
For example, during the quarter, we expanded VantageScore(r) 4.0 as an additional credit score model to all Fannie Mae-approved lenders. Loans originated using VantageScore 4.0 remain subject to existing tri-merge credit report requirements. We also announced enhancements to our Single-Family MBS and CRT disclosures to provide multiple credit scores.
These priorities are powered by our talented team and strong business model, which generated $4.2 billion in net income in the third quarter and grew our net worth to over $119 billion, providing the foundation to support the housing finance system and affordability for borrowers.
Thank you to our employees and our partners. With that, I will turn it to Chryssa to walk through our financial results.
Chryssa C. Halley:
Thank you, Peter, and good morning, everyone.
Before discussing our third quarter financial results, I want to briefly discuss the interest rate environment.
Interest rates moved meaningfully higher throughout the third quarter, with the largest increases occurring late in the quarter as markets reassessed the outlook for economic growth and the level of interest rates needed to contain inflation.
Changes in interest rates affect various aspects of our financial results. For example, in Single-Family, while higher rates tend to reduce acquisition volumes, they also slow prepayments and book runoff, helping to preserve guaranty revenues. From an allowance perspective, slow prepayments extend the expected life of our loans which, combined with higher mortgage costs for certain borrowers, can increase our expected credit losses.
In Multifamily, elevated interest rates put downward pressure on pricing and property values, as well as new business volumes and their associated revenues. These lower property values, combined with higher debt service costs, also contribute to higher expected credit losses in the multifamily allowance.
On the balance sheet, higher interest rates affect both portfolio income and the fair value of certain assets. Higher rates are generally favorable for portfolio income, as new and short-term assets reprice at higher yields, and we continue to optimize funding costs.
However, given our recent efforts to reduce our earnings sensitivity to changes in short-term interest rates, the income uplift from higher rates has moderated, and we have recorded unrealized losses on our available-for-sale securities. To the extent we continue to hold these securities, accumulated unrealized losses will reverse over time as the securities approach maturity.
Finally, our hedge accounting program is designed to reduce earnings volatility from changes in benchmark interest rates, although the effects of other market factors remain, including changes in spreads.
3Q 2026 Financial Summary
Starting with our financial results on page 2, the third quarter highlighted the resilience of our business model, with net income of $4.2 billion, up 5% quarter over quarter and 8% year over year.
Our earnings continued to be powered by large and stable net revenues, which reached $7.7 billion in the third quarter, the highest level since 2023, with 79% of net revenues generated from our core guaranty business.
At the same time, we experienced volatility in the following areas:
* Both Single-Family and Multifamily built their allowance for credit losses, driving a combined credit loss provision of $1.1 billion.
* The credit loss provision was partially offset by other gains in the third quarter, including fair value gains of $630 million and investment gains of $94 million.
* We also recorded $1 billion in net unrealized losses on our available-for-sale portfolio.
Wrapping up this page, we increased our net worth by $3.1 billion and improved our illustrative return on required equity by 30 basis points from the second quarter, demonstrating our continued focus on capital efficiency and strengthening our financial position.
Guaranty Book and Net Interest Income
Page 3 reinforces the scale and stability of our guaranty business.
Despite pressure on acquisition volumes and book growth, our $4.1 trillion guaranty book generated over $6 billion in guaranty fee income in the third quarter, over 70% of which was generated from loans and related MBS from 2022 and earlier.
Both Single-Family and Multifamily continued to generate higher base guaranty fee revenue. And portfolio income was 4% higher quarter over quarter, primarily from higher average balances and yields on our corporate liquidity portfolio. Year over year, portfolio income increased from higher interest income on our larger retained mortgage portfolio.
Net Interest Margin
Building on the previous page, page 4 demonstrates our continued progress expanding net interest margin.
Year-to-date net interest margin increased to 69.2 basis points.
Our guaranty fees continued to anchor stable margins, as an increase in average single-family guaranty fees more than offset a decrease in average guaranty fees in our Multifamily business.
The increase in net interest margin in 2026 has been primarily driven by growth in our retained mortgage portfolio.
Non-Interest Expense
Moving to expenses on page 5, operational efficiency remains a top priority. In the third quarter, we lowered our administrative expenses by $27 million and improved our ratio by 47 basis points from the second quarter.
In particular, occupancy and technology expenses were $52 million lower than the second quarter, which included costs associated with reducing our real estate footprint. Year over year, reductions in both occupancy expenses and professional services contributed to the $35 million decline in administrative expenses.
These savings more than offset higher salaries and employee benefits in the third quarter, which included $28 million in severance expense.
Other income shifted to other expense in the third quarter, primarily driven by activities in the Multifamily business that I will address further in the segment highlights.
Select Credit Metrics
Turning to our credit metrics on page 6, the percentage of single-family loans 60 days or more past due increased in the third quarter, and the serious delinquency rate increased to 62 basis points.
We believe recent increases in both metrics are due in part to adverse macroeconomic conditions, including higher interest rates and persistent inflation challenges, which can strain household budgets, particularly for lower-income borrowers.
While these metrics remain at historically low levels, we are closely monitoring the credit performance of our guaranty book, including lower-income borrowers who are more sensitive to these affordability challenges.
The multifamily serious delinquency rate also increased to 62 basis points in the third quarter due to sustained market challenges, partially offset by foreclosure activity. Looking ahead, we expect ongoing multifamily market challenges to result in additional delinquencies.
Allowance for Credit Losses
As previously mentioned, page 7 shows that we increased our total allowance by $906 million in the third quarter.
Our single-family allowance increased by $580 million, driven primarily by higher actual and forecasted interest rates, as well as the allowance build associated with newly acquired loans and loans that became delinquent during the quarter. In the third quarter, we recognized $114 million of net charge-offs and recorded a $694 million provision for credit losses.
Our multifamily allowance increased by $326 million, driven primarily by weakening credit metrics on multifamily loans, a decline in our near-term property value forecast, and elevated interest rates. During the quarter, we recognized $120 million of net charge-offs and recorded a $446 million provision for credit losses.
Single-Family Highlights
On page 8, the Single-Family business continued to generate stable net revenues of $6.3 billion in the third quarter.
Single-family acquisitions were lower quarter over quarter, primarily due to lower refinance volumes from higher mortgage rates, a trend we expect to continue if mortgage rates remain elevated.
The average guaranty fee on third quarter acquisitions increased slightly from the second quarter, and our $3.6 trillion single-family guaranty book continued to reprice higher.
Finishing the page with net income, other gains more than offset the higher credit loss provision, contributing to an increase in net income quarter over quarter and year over year.
Credit Characteristics of Single-Family Acquisitions
Page 9 highlights the strong credit quality of our third quarter single-family acquisitions.
The weighted-average original loan-to-value ratio, or OLTV, increased slightly from 2025 levels to 78%, primarily due to a higher percentage of purchase acquisitions in the third quarter, which also contributed to a higher share of single-family loans with OLTV greater than 95% and DTI greater than 43%.
Meanwhile, weighted-average FICO(r) scores remained relatively stable quarter over quarter.
Multifamily Highlights
On page 10, Multifamily generated net revenues of $1.3 billion in the third quarter, an increase of 4% quarter over quarter and 9% year over year.
Multifamily new business volume of $14.5 billion was 2% higher than the prior quarter, but lower than the same period last year, primarily due to increased competition and pressure on overall volumes from higher interest rates.
The primary driver of lower multifamily net income quarter over quarter and year over year was a higher credit loss provision in the third quarter, which was partially offset by higher expected credit enhancement recoveries. Despite the increase in expected recoveries, higher foreclosed property expenses pushed non-interest expense higher quarter over quarter.
Multifamily Credit Characteristics and Credit Enhancement
On page 11, we remain focused on the credit quality of our multifamily guaranty book.
While the weighted-average debt service coverage and original loan-to-value metrics for the guaranty book and new acquisitions remained in line with 2025 levels, as described earlier, other weakening credit metrics on multifamily loans contributed to our allowance build this quarter.
Finally, because of our unique DUS(r) risk-sharing model and our credit risk transfer, or CRT, programs, nearly all of our multifamily guaranty book had some form of credit protection at quarter-end.
Balance Sheet Portfolios
Turning to our balance sheet on page 12, our corporate liquidity portfolio decreased in the third quarter as we used portfolio proceeds to repay maturing long-term debt and grow the retained mortgage portfolio to $180 billion, primarily through purchases of agency MBS.
Regulatory Capital
On page 13, we present the drivers of our regulatory capital requirements.
Risk-weighted assets and risk density increased quarter over quarter, reflecting higher market risk on the retained mortgage portfolio, credit risk on new acquisitions, and a weaker credit profile in the multifamily book. These increases were partially offset by lower inflation-adjusted loan-to-value ratios in single-family RWA, as well as more capital relief from CRT transactions.
As a result, our minimum CET1 capital requirement remained relatively stable in the third quarter.
Net Worth and Regulatory Capital
To wrap up, on page 14, our third quarter results underscore the strength of our business model and durable revenue base.
Despite volatility across aspects of our financial results, we increased net income both quarter over quarter and year over year, growing net worth to more than $119 billion while reducing our regulatory capital deficit.
Our financial strength enables us to continue providing reliable liquidity and stability across market cycles while fulfilling our mission in a safe and sound manner.
Thank you again for joining today's webcast.
Fannie Mae Moderator:
Thank you, everyone. That concludes today's call. You may disconnect.
Fannie Mae's October 28, 2026 webcast includes forward-looking statements, including expectations relating to: the company's business plans and strategies, and their impact; the company's future financial condition and performance; the future performance and credit characteristics of the company's book of business; and future mortgage market conditions. Actual results and events, and future projections, may turn out to be very different from these statements. Factors that may lead to different results are discussed in "Forward-Looking Statements" in the company's Third Quarter 2026 Form 10-Q and in "Forward-Looking Statements," "Risk Factors," and elsewhere in the company's annual report on Form 10-K for the year ended December 31, 2025. The company's forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under the federal securities laws..
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Original text here: https://www.fanniemae.com/newsroom/fannie-mae-news/third-quarter-2026-financial-results-webcast (TNSmrp)
Fannie Mae Reports Net Income of $4.2 Billion for Third Quarter 2026
WASHINGTON, Oct. 28 -- Fannie Mae issued the following news release:
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Fannie Mae Reports Net Income of $4.2 Billion for Third Quarter 2026
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Company Will Host Webcast at 8 A.M. Eastern to Discuss Results
WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) today reported its third quarter 2026 financial results and filed its Third Quarter 2026 Form 10-Q with the Securities and Exchange Commission. The filing provides condensed consolidated financial statements for the quarter ended September 30, 2026. The following documents are now available on Fannie Mae's financial results webpage at fanniemae.com/financialresults.
Fannie
... Show Full Article
WASHINGTON, Oct. 28 -- Fannie Mae issued the following news release:
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Fannie Mae Reports Net Income of $4.2 Billion for Third Quarter 2026
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Company Will Host Webcast at 8 A.M. Eastern to Discuss Results
WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) today reported its third quarter 2026 financial results and filed its Third Quarter 2026 Form 10-Q with the Securities and Exchange Commission. The filing provides condensed consolidated financial statements for the quarter ended September 30, 2026. The following documents are now available on Fannie Mae's financial results webpage at fanniemae.com/financialresults.
FannieMae has scheduled a webcast to discuss the company's results today at 8:00 a.m., ET. Participants may join the webcast via the link below. Following the webcast, a transcript will be published to Fannie Mae's financial results webpage and will remain available for at least one year.
Webcast link: https://event.webcasts.com/starthere.jsp?ei=1776575&tp_key=5bdac167cf
Click on the link above to attend the presentation from your laptop, tablet, or mobile device. The webcast will stream through your selected device. If you have difficulty accessing the webcast, please click the "Listen by Phone" button on the webcast player and dial the number provided.
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Original text here: https://www.fanniemae.com/newsroom/fannie-mae-news/third-quarter-2026-financial-results
EPA Regional Administrator Delivers Keynote Speech at New Jersey Energy Policy Forum
WASHINGTON, Oct. 28 -- The Environmental Protection Agency issued the following news release:
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EPA Regional Administrator Delivers Keynote Speech at New Jersey Energy Policy Forum
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NEW YORK - Underscoring the U.S. Environmental Protection Agency's (EPA) commitment to advancing energy policy while protecting human health and the environment, today, EPA Region 2 Administrator Michael Martucci spoke at the New Jersey Business and Industry Association's annual Energy & Environmental Policy Conference.
Regional Administrator Martucci's keynote to New Jersey's business and legal communities
... Show Full Article
WASHINGTON, Oct. 28 -- The Environmental Protection Agency issued the following news release:
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EPA Regional Administrator Delivers Keynote Speech at New Jersey Energy Policy Forum
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NEW YORK - Underscoring the U.S. Environmental Protection Agency's (EPA) commitment to advancing energy policy while protecting human health and the environment, today, EPA Region 2 Administrator Michael Martucci spoke at the New Jersey Business and Industry Association's annual Energy & Environmental Policy Conference.
Regional Administrator Martucci's keynote to New Jersey's business and legal communitiesunderscored the Trump EPA's goals of regulatory reform, energy access, and cooperative federalism. In his remarks, he discussed the agency's commitment to fostering relationships with the private sector in order to improve accessibility, timeliness, and transparency between regulators and businesses. The event also included breakout groups and panels that covered topics regarding permitting processes, energy reliability and affordability, and energy futures.
"Having been an entrepreneur, a legislator, and now, an EPA Regional Administrator, I recognize the importance of building trust and communication between the public and private sectors," said EPA Regional Administrator Michael Martucci. "Under the leadership of Administrator Lee Zeldin, EPA is focused on improving our regulatory processes and strengthening our partnerships with businesses, not only in New Jersey, but across the nation."
EPA's participation reflects the agency's commitment to cooperative federalism, permitting reform, and American energy dominance, which are key pillars of EPA Administrator Zeldin's Powering the Great American Comeback initiative.
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Original text here: https://www.epa.gov/newsreleases/epa-regional-administrator-delivers-keynote-speech-new-jersey-energy-policy-forum
