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Fannie Mae


reported third-quarter earnings that beat analysts' estimates by a penny.

The Washington-based, government-sponsored mortgage financing provider earned $1.12 billion, or $1.09 a diluted share, compared with $991 million, or 94 cents a share, in last year's third quarter. Revenue rose to $1.98 billion from $1.76 billion last year.

A 17-analyst poll by

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First Call/Thomson Financial

produced a consensus estimate of $1.08 a share for Fannie Mae's third quarter.

Retained commitments for Fannie Mae's mortgage portfolio during the third quarter totaled $45.7 billion. In the three months ended Sept. 30, Fannie Mae's portfolio grew at an annual rate of 15.6%. The net mortgage portfolio was $571 billion at the end of the third quarter, compared with $504 billion at the end of the year-ago period.

Third quarter credit-related losses were $19.5 million, compared with $18.6 million in the second quarter. Foreclosed property expenses rose to $51.8 million in the third quarter from $50.6 million in the second quarter.

Fannie Mae issued $56.7 billion of mortgage-backed securities in the third quarter.