for And us Thanks up I'll quarter will for another some Chief our year. Maureen. good and I'm it Financial you comments call. another then for brief morning, and and solid to joining David Officer solid Benson make everybody. on open pleased Thanks, update today’s I your questions.
start me quarter the with XXXX. Let of fourth
compares billion and however, income loss quarter was net for the $X.X fourth tax quarter the of comprehensive a fourth tax down quarter billion. the pre-tax companies, XXXX. of billion a We required assets. from XX% recent $X.X was income the many net with value rate This of by deferred a of income of and to the reported $X.X XX%, in loss income excellent tax $X assets. performance Act provision business Our quarter comprehensive $X to billion third billion. changes this were reduced our the corporate and the legislation. Tax adversely for of for the The the write our taxes deferred to $X The Like of for primary results impacted resulting tax federal re-measurement accordingly company’s our billion of results in driver quarter from us of
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tax benefit lower will net of Going income. the future forward, the impact accrue to the our rate of
earnings, happened senior to are this Another billion Fannie Mae not in our able I we stock. in was Once to future reserves. in the important does with of event a that event. capital this would may agreement up will the to quarterly preferred results. Fannie enable cushion terms the to Mae's weather it point of us to however, rebuild recapitalization that volatility out, comprehensive constitute like modest terms the Treasury the capital fourth retain Under quarter $X agreement, now revise with
properly substantially where the While by that us we not help reasonable in be this it draw require Treasury the our any exceed probability to a the standard, retained more billion, finance capitalized. recognize to quarters losses will company reduce $X up will requiring supports system and of capital considered do housing
to This $XXX.X paid very dividends receive or progress. to whole, $XXX.X have with pleased billion at total bringing XXXX, We the draws $XX to Treasury to to billion. our as XXXX billion received taxpayers we our I am Looking compares in a dividends in in expect shortly. that
income much very XXXX. with line billion, of in billion pre-tax $XX.X was $XX.X income pre-tax Our
As the year. for profitable were consistently we had forecasted, we
effects the billion. XXXX $X.X billion income of we was these net tax accomplishments. proud of business More the bill. and Again, our recent our comprehensive was XXXX income both $X.X are reflect Our broadly, of very
lenders their We’ve our Validation, customers solution deliver for to our help the challenges. biggest Single X We In solutions. laid Certainty solutions Single-Family a continued groundwork on that business, innovative Source to meet single our we Day built borrower validate financial will out information their time to process cut This or asset allow three. two instead customers and and report, a for with customers. cost the mortgage of will our of for
program data it an to customers easier are known application We platform, APIs, our make to plug for and also introducing our as technology. interface into
transactions. cutting continuing grow than servicing our to volume unpaid Mae the the our our mortgages to program. at of model. We servicers. measured by more borrowers transferred of a credit mortgages risk the business the trillion of of XXXX, record on model In Delegated customers for credit as has $X.X recognize costs our risk and Fannie single-family an achieved mortgage lenders out making principal and of benefits life time Underwriting and our transfer our and strengthened enhanced business, We overall delegations balance increasingly since with portion are Multifamily our simpler we unique Servicing
covered end. of book As mix as risk a our result, by the mortgage income company’s And on loans approximately portfolio XX% investment transfer revenue of our of net interest continued change. a to transaction portion to credit declined. were fees a as size the continued greater Guaranty our the single-family drive of year
about excited XXXX. I’m ahead, Looking
profitable on fundamentals are be to basis. an expect annual business and Our strong we
them position to more a business and families. with strong We more and help continue to serve innovations in to are to deliver grow value customers their tools very our
customers will to finance focus on on building our housing system We stronger future. a for the continue and
questions. Now happy up for I'm to open your it
