Both government supported enterprises (GSE) reported increased profits in the second quarter of 2020 compared to Q1. Fannie Mae said its net comprehensive income was $2.53 billion compared to $476 million and Freddie Mac's quarterly results were 1.94 billion, an increase of $1.32 billion from the previous period.

Both companies had reported extraordinarily low net profits in Q1, largely due to a shift from credit-related income to credit-related expenses as allowances for loan losses were increased to reflect expected impacts from the COVID-19 pandemic. Freddie Mac also attributed the Q1 downturn to lower net interest income.

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