Fannie Mae this week announced better-than-expected earnings for the first quarter of 2003, thanks in part to diligent growth in its retained portfolio and hefty securitization income. The company reported $1.941 billion in first quarter GAAP net income, up 60.5 percent from the same period in 2002 and nearly $1 billion more than the $952.2 million reported for the fourth quarter of last year. Fannie reported GAAP earnings per share of $1.93 – vs.