Processing ContentThe government-sponsored enterprise earned $4 billion during the period compared to $3.7 billion the previous quarter and $3.3 billion a year earlier. Net revenues rose to $7.6 billion in the second quarter from $7.3 billion in the first and $7.2 billion a year ago. Around $125 billion of liquidity the company provided to the mortgage market supported 417,000 households' ability to refinance loans, buy or rent homes during second quarter, according to Akwaboah. "Our second quarter administrative expense ratio of 10.7% remained below the quarterly levels observed from 2023 to 2025, reflecting the sustained impact of the efficiency initiatives," she said. One step Fannie's private investors are watching for is a revision to Fannie's capital requirements that they hope to expedite a new stock offering.