FNMAM — what changed in the latest 10-Q
A section-by-section comparison of FNMAM's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-29 vs the prior 10-Q · 2026-04-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +87 | −70 | ~72 | 324 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~6 | 12 |
| Legal proceedings | Text added/removed | 0 | 0 | ~4 | 1 |
| Risk factors | No paragraph-level changes | 0 | 0 | 0 | 3 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-29
•Net income was $4.0 billion in the second quarter of 2026 compared with $3.3 billion in the second quarter of 2025. Net income increased by $665 million from the second quarter of 2025, primarily driven by a $461 million decrease in provision for credit losses, a $324 million increase in net revenu…
◦Non-interest expense was $2.1 billion in the second quarter of 2026, a decrease of $265 million from the second quarter of 2025, primarily due to a $185 million shift from other expenses in the second quarter of 2025 to other income in the second quarter of 2026.
•Net income was $7.7 billion for the first half of 2026 compared with $7.0 billion for the first half of 2025. Net income increased by $724 million from the first half of 2025, primarily driven by a $681 million decrease in non-interest expense, a $519 million increase in net revenues and a $208 mil…
◦Net revenues totaled $14.8 billion in the first half of 2026, up $519 million from the first half of 2025, primarily driven by a $297 million increase in net interest income from portfolios, a $132 million increase in net interest income from base guaranty fees, and a $95 million increase in net de…
◦Provision for credit losses was $762 million in the first half of 2026, consisting of a $329 million single-family provision for credit losses and a $433 million multifamily provision for credit losses. The single-family provision was primarily driven by current-period loan acquisitions and newly d…
Text removed vs the prior filing · source: 10-Q · 2026-04-29
In April 2026, we updated our Selling Guide to allow for two new credit score models—VantageScore® 4.0 and FICO® Score 10T. For additional information on these new models, see “Single-Family Business—Single-Family Mortgage Credit Risk Management—Single-Family Acquisition and Servicing Policies and U…
Recently announced new artificial intelligence (“AI”) models have raised concerns that the new models may significantly increase the ability of cyber threat actors (including the AI itself acting autonomously) to use AI tools to find and exploit cybersecurity vulnerabilities. We are engaging with in…
•Net income was $3.7 billion for both the first quarter of 2026 and the first quarter of 2025. Net income increased by $59 million from the first quarter of 2025, primarily driven by a $247 million decrease in administrative expenses, a $195 million increase in net revenues and a $121 million decrea…
◦Non-interest expense was $2.2 billion in the first quarter of 2026, a decrease of $416 million from the first quarter of 2025, primarily due to a $247 million decrease in administrative expenses and a $121 million decrease in credit enhancement expense.
•Net worth increased by $3.7 billion in the first quarter of 2026 to $112.7 billion as of March 31, 2026.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice