Fannie and Freddie have another profitable quarter, in spite of substantial hedging losses. No sign, though, that the net sweep will end soon.

Freddie Mac increased its production of single-family mortgage-backed securities at a time when its two secondary market competitors saw significant declines in volume. [Includes two data charts.]

The Federal Home Loans Banks’ combined net income for the fourth quarter fell to $791 million, an 8.7% decline from the fourth quarter of 2017. Year-over-year, net income rose slightly to $3.56 billion in 2018. But this apparent stability masked dramatic swings elsewhere on the income statement. [Includes one data chart.]

Despite a slow fourth quarter, 2018 turned out to be the most profitable year since 2013 for Fannie Mae and Freddie Mac. And, although only a fraction of the size of the GSEs’ single-family business, multifamily remained a bright spot. [Includes one data chart.]

In a report released late Thursday, the Consumer Financial Protection Bureau mulled over the future of the so-called “GSE patch,” which exempts qualified mortgages at Fannie Mae and Freddie Mac from the CFPB rules limiting debt-to-income ratios to 43 percent.