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EARNINGS

July 14, 1988

The Federal National Mortgage Assn. said second-quarter net income almost doubled to $120.7 million from $61.3 million a year ago. Fannie Mae, a congressionally chartered, shareholder-owned company, is the nation's largest investor in American home mortgages. The Washington-based firm said the gain was achieved despite generally rising interest rates, demonstrating the company's reduced sensitivity to interest rates.

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