Fannie Mae

Good day and welcome to the Fannie Mae's Second Quarter 2026 Financial Results Webcast. At this time, I will now turn it over to your host, Terrence O'Hara, Fannie Mae's Director of Enterprise Communications.

Hello, and thank you all for joining today's webcast to discuss Fannie Mae's Second Quarter 2026 Financial Results. Please note this webcast includes forward-looking statements, including expectations related to the future performance and credit characteristics of the company's book of business, the company's future financial and mission performance, the company's future financial condition, and the company's business plans and strategies and their impact. 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 statement section of the company's second 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 may 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 We ask that you do not record this webcast for public broadcast and that you do not publish any full transcript. I'd like now to 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's Chief Financial Officer Chryssa C. Halley.

Good morning and thank you for joining us today. We delivered another strong quarter reporting net income of $4 billion up 7% from the first quarter and 20% year over year with net revenues of $7.6 billion. Our performance reflects the durability of our guaranteed business. The resilience of our balance sheet and the disciplined execution of our strategy. These results also enabled us to build our net worth to over $116 billion. This further strengthens our ability to support a housing finance system through all market cycles and enable us to deliver on our mission. In the second quarter alone, we provided $125 billion in liquidity to the mortgage market, helping approximately 417,000 households, including nearly 110,000 homebuyers that were purchasing their first home. We also helped more than 21,000 homeowners remain in their homes through our foreclosure prevention efforts. These are tangible examples of how our financial strength translates into meaningful outcomes for individuals, families and communities across the country. We are also focused on helping our lender and industry partners serve borrowers more efficiently. This quarter we updated our property insurance requirements including changes to condominium policies to address affordability and insurance availability challenges while maintaining prudent risk management standards. We continued our efforts to modernize how properties are valued through our appraisal alternatives. We've helped more than 76,000 households reduce appraisal-related closing costs during the second quarter, generating $45 million in estimated savings, bringing cumulative estimated borrower savings since 2018 through appraisal alternatives to more than $3 billion. And in June, we launched the Purchase Application Level Index, or PALI. providing the market with new timely insights into future home purchase activity that complements our existing refinance index. These innovations reflect our commitment to making the housing finance system more efficient, transparent and accessible. At the same time, we're operating with greater discipline and efficiency compared with last year. This quarter marks one year since we launched our operational efficiency initiative, and that work is delivering results. We maintain an administrative expense ratio below 11% this year, reflecting our focus on simplifying how we operate while investing in capabilities that we believe will drive long-term value for borrowers and business partners. Taking together our second quarter results reinforce three important points. First, effective management of our $4.1 trillion guaranteed book delivered strong financial performance in the second quarter. Second, that financial strength enables us to expand our impact by providing liquidity, supporting affordable home ownership and rental housing, and investing innovations designed to improve the mortgage experience. And third, we remain well positioned to serve borrowers, renters, partners, and the housing market while operating in a safe and sound manner. Before I turn over to Chryssa Halley, our Chief Financial Officer, I would like to thank our employees for your continued dedication and our customers and business partners for the trust they place in us every day. With that, I will turn it to Chryssa to walk through our financial results.