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Financial me before Chryssa our discuss quarter a turning Let second Halley, few results environment performance second outlook for and our the Chief in the economic After spending the Officer, by to XXXX. economy. quarter will minutes begin of current on our that,
was Economic Funds few stronger Federal anticipated. The mixed second growth raised months. GDP target the tightening and was data the quarter, past than twice policy in their continued in Reserve though monetary rate Fed
elevated. One in contribution has housing much to how slowed, And their has inflation to points inflation. inflation remained of been contributes while housing’s decision-making overall the focal has
their of The weigh factor. home Many market to resiliency XXXX is us, homes or contributing in major rates in The homeowners give supply and existing a they housing continued and low of mortgage XXXX. lack rates current especially reluctant affordability. prices surprise the mortgage on many since up to sell to locked housing high continue their of are housing
with home home for lack were of sale that supply June XXXX. existing homes This X.XX existing the drove X.XX month, Association in National there this reported growth. stronger-than-expected million Earlier last price month compared of million REALTORS
months that estimate while the year, anticipating six of of single-family about we first a fact, us home decline. were during many rose the X% prices In
increase quarter-on-quarter the season. the year, spring typical the due than billion homebuying volumes same overall about to were origination despite mortgage estimated time last in the $XXX Single-family market XX% lower
we to are of and housing support market It managing be continued results tough financial effectively to dedication Thanks continues teams strong closely. a company, leadership monitoring lender generating something across we and the an unprecedented risk. to counterparties, while market the for our our
our in our performance. largely The revenues. strength Chryssa a single-family in Now, net direct that quarter the about. prices on to earnings, second net quarter to $X.X allowance and during turning the We home income billion financial impact in decrease in will $X our due billion reported talk had
build net $XX As a June. result, to our the continued reached billion worth, as which end through of of retained we earnings,
I’m proud mortgage that helped through our This at approximately $XXX home markets. purchases, efforts, for doing we XXX% earning In approximately or obtain of the housing, multifamily of a significant units XXX,XXX of billion of rental area rental and multi-family were majority to median income. credit included XXX,XXX so, we households refinances, which and provided to liquidity units. single-family borrowers below affordable
XXX,XXX first-time a homebuyers also helped We home. purchase
working to soundly. and And directly Fannie are doing address challenges especially And homeowners. these challenges homeownership help Despite affordability those and we’re that remain consumers’ so housing while factors, underserved supply, face, Mae renters disproportionately aspirations housing safely consumers cannot control burden high. and we with
touch me few on a Let examples.
construct advanced to model improves traditionally while pricing capital pricing First, The our our model. we borrowers further our new mortgage aligning support underserved for requirements.
make unbiased. markets, verify efficient, lenders more the process property’s support loan third, new active to we valuation make expected journey in Purpose six are value of and qualification Special home borrowers. Programs, for to that Second, Credit option introduced eligibility a easier and And effective, underserved for to we our market a as continued currently part to
to coming well-being, of than stably seriously is home, our it our XXX,XXX end that stood the loans, ensuring million single-family remain XXXX. also individuals is delinquent is that communities. both a housed. single-family February way less they into June, Now, get for saw loans about of key and role gratified helping consumers of about book from note, Housing not On at long just seriously I’m in the a in delinquent as we we over X stability
remain to natural they face free renters disasters foreclosure This and and the support homeowners In counseling factors, is in like uncertainties give focused a testament renters assistance this We the lenders of impacted addition to market options, and free continuing underwriting we and to borrowers borrowers prevention to to and current by assistance market. to policies, distress. servicing enhanced support things borrowers. as includes on the
You XX this that to to strong lot was management. and focus be the fall and has is has the and Mae on to continue Because of time. a Today, through we’re A improve deliver years challenging stronger, Fannie now risk work conservatorship. transformed. Mae of in placed marks Fannie did we mission, our and since cycle. Mae COVID-XX through know, years of our on been in economic steadfast Fannie like market resiliency this, safer doing stabilizing thanks force our pandemic, how since we business to this the changed
We are States. committed of being to to liquidity the housing United system source finance a in stability and reliable the
results. our it financial Now, discuss over to I’ll turn second quarter Chryssa to
