Fannie Mae reports $3.9 billion in net income in the third quarter
Mortgage giant Fannie Mae said Wednesday that its profit grew to $3.9 billion during the third quarter, up from $3.3 billion in the second.
The quasi-government entity also reported that its net worth increased from $101.6 billion to $105.5 billion in that time frame.
Bill Pulte, chairman of Fannie Mae's governing board, said in a statement Wednesday that the organization "is operating with greater business focus than ever."
"Trimming $173 million in administrative expenses since the first quarter of 2025, we have grown our net worth to over $105 billion," he said.
Fannie Mae and its sibling institution, Freddie Mac, have been under the conservatorship of the Federal Housing Finance Agency since the Great Recession. Fannie and Freddie buy mortgages from banks and other lenders, then bundle those loans into mortgage-backed securities that can be sold to investors. Pulte and President Donald Trump have made it clear that they want to free both agencies from conservatorship.
Meritage Homes says slower fourth quarter could ramp up incentives
Buyers of new homes could snag deals in the last few months of 2025, according to plans from a major homebuilder.
Meritage Homes, the country’s fifth-largest builder, said Wednesday during its earnings call that the fourth quarter will bring more deals and specials to homebuyers from most major homebuilders as companies look to meet their financial targets before the year ends.
Chief Financial Officer Hilla Sferruzza described the fourth quarter as a time when the "incentive environment runs a little frothier than it typically does in our sector."
At the same time, the Arizona-based builder also reported a pullback on construction starts amid softened demand. Meritage started the construction of 21.14% fewer homes in the third quarter compared to the same time last year.
Nationally, the inventory of completed new homes for sale reached a 16-year high in August, according to data from the U.S. Census Bureau. Meritage builds spec homes for first-time homebuyers and homeowners looking to purchase an even larger property.
Paramount Skydance begins layoffs of 2,000 employees
Paramount Skydance initiated the first round of layoffs, expected to be followed by a second, at the media company that owns Comedy Central, MTV and Nickelodeon.
The company sent layoff notices to 1,000 workers on Wednesday and plans to release another 1,000 in the near future. In a memo to employees, Paramount CEO David Ellison said he wanted to be "as open and direct as possible about the reasons behind these changes."
"In some areas, we are addressing redundancies that have emerged across the organization," Ellison said in the memo. "In others, we are phasing out roles that are no longer aligned with our evolving priorities and the new structure designed to strengthen our focus on growth."
The layoffs come roughly two months after film production company Skydance merged with Paramount in a nearly $8 billion deal.