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71 March 2025 J O U R N A L March 2025 » government but a temporary contracted government organization under the U.S. DOGE Service, formerly known as the United States Digital Service. DOGE's stated purpose is to reduce wasteful and fraudulent federal spending and eliminate excessive regulations. The organization was created to "modern- ize federal technology and software to maximize governmental efficiency and productivity." DOGE has taken swift action toward its goal of rooting out government fraud, waste, and abuse of taxpayer dollars, having targeted a number of DEI initia- tives and federal agencies, including the Consumer Financial Protection Bureau (CFPB), National Aeronautics and Space Administration (NASA), Department of Education (DOE), U.S. Agency for International Development (USAID), Federal Aviation Administration (FAA), Treasury Department, Federal Emergen- cy Management Agency (FEMA), and the National Oceanic and Atmospheric Administration (NOAA), among others. FANNIE/FREDDIE CLOSE 2024 ON A HIGH NOTE W hile the U.S. housing market continues to struggle with mortgage rates nearing the 7% mark, and the average U.S. home valued at $355,328 (up 2.7% over the past year), Fannie Mae and Freddie Mac both closed out 2024 on a high note, both reporting quarterly and annual gains. Fannie Mae reported $17 billion in annual net income, and $4.1 billion Q4 2024 net income, with its net worth reaching $94.7 billion as of December 31, 2024. "FannieMae concluded the year with a strong quarter, generating net income of $4.1 billion, and $17.0 billion for the year," said Priscilla Almodovar, President and CEO of Fannie Mae. "In 2024, we grew our net worth to nearly $95 billion, continued to build our regulatory capital, and carried out our mission. Our strong results were driven by guaranty fee income, consistent with the transforma- tion of our business model that began well over a decade ago. For the year, we provided $381 billion in liquidity to the U.S. housing market, helping 1.4 million households buy, refinance, or rent a home." Fannie Mae reported $381 billion in liquidity provided in 2024, which enabled the financing of approximately 1.4 million home purchases, refinanc- ings, and rental units. Fannie acquired approximately 778,000 single-family purchase loans, of which approximately half were for first-time homebuyers, and approximately 204,000 single-family refinance loans during 2024. Fannie Mae reported the financ- ing of approximately 420,000 units of multifamily rental housing in 2024; a significant majority were affordable to households earning at or below 120% of area median income (AMI), providing support for both workforce and afford- able housing. For the close of 2024, Freddie Mac reported a net income of $3.2 billion for Q4, an increase of 11% year over year, primarily driven by higher net revenues, partially offset by a provision for credit losses in the current period compared to a benefit for credit losses in the prior period. Net revenues were $6.3 billion for Q4 of 2024, up 18% year over year, primarily driven by higher net interest income and higher non-interest income. Net interest income for Q4 of 2024 was $5.1 billion, up 6% year over year, primarily driven by continued mortgage portfolio growth and lower funding costs due to increasing net worth. Non-interest income for Q4 of 2024 was $1.3 billion, compared to $0.6 billion for Q4 of 2023, primarily driven by an increase in net investment gains. Provision for credit losses reported by Freddie Mac was $0.1 billion for Q4 of 2024, compared to a benefit for credit losses of $0.5 billion for Q4 of 2023. "Today, Freddie Mac reported strong 2024 earnings of $11.9 billion and a net worth of $60 billion," said Diana W. Reid, CEO of Freddie Mac. "We delivered $411 billion of liquidity into the U.S. housing finance system, helping 1.6 million families buy, refinance, or rent a home in 2024. We also prepared tens of thousands of borrowers and renters for future success through financial educa- tion, credit-building tools, and programs designed to encourage sustainable, affordable homeownership and rental opportunities. I want to thank Freddie Mac's committed staff and lenders of all sizes, across the country, who helped make this outcome possible." CONGRESSIONAL MEASURE TAKES AIM AT CFPB OVERDRAFT RULE H ouse Financial Service Com- mittee Chair French Hill and Senate Banking Committee Chairman Tim Scott have introduced Congressional Review Act (CRA) reso- lutions to overturn the Biden adminis- tration's Consumer Financial Protection Bureau's (CFPB) final rule capping overdraft fees at banks and credit unions. The committee leaders cited the rule's impact on access to important financial services and reiterated that lawful and contractually agreed-upon payment incentives promote financial discipline and responsibility. "Senate Banking Committee Chair- man Tim Scott and I were clear when we told federal agencies—including the CFPB—to stop all midnight rulemaking, which former Director [Rohit] Chopra blatantly disregarded," Chairman Hill said. "As I have consistently said, the CFPB needs guardrails on its enforce- ment and rulemaking powers, and this rule is another clear example of why. The CFPB's actions on overdraft is another form of government price controls that hurt consumers who deserve financial protections and greater choice. Our CRA will help overturn this harmful rule and is a next step toward ensuring the CFPB halts all ongoing rules until it answers to