Remarkably steady net revenues at the GSEs mean fluctuations in profits are mostly due to below-the-line expenses. (Includes data table.)

Although FHLB borrowing declined in the first quarter, with lenders continuing to reduce outstanding advances, profits for the system as a whole were up 9.6% from the fourth quarter and 16.6% year to date. (Includes three data tables.)

Even though Fannie Mae and Freddie Mac maintained healthy profits in a tough market in the first quarter, their capital shortfalls under the ERCF remained absurdly high. (Includes data table.)