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On Sep. 7, 2008, the government took over Fannie Mae and Freddie Mac. Under the terms of the rescue, the Treasury has invested billions to cover the companies' losses.
The Fannie and Freddie bailout is separate from the broader $700 billion bailout -- known as the TARP -- and instead comes via the Housing and Economic Recovery Act of 2008, passed in July 2008. In February 2009, Treasury Secretary Tim Geithner said as much as $200 billion in taxpayer money might be put into each company. In December of 2009, the Treasury removed that cap, meaning an unlimited amount of money could be invested.
In August of 2012, the Treasury announced further changes to its agreements with both Fannie and Freddie. Starting in 2013, both Fannie and Freddie began paying the Treasury dividends based on a different arrangement: Each quarter, Fannie and Freddie must make payments based on their net value above a capital reserve level. In previous years, Fannie and Freddie had paid dividends based on a 10 percent annual rate.
Mar. 30, 2013 Dividend Payment
Dec. 31, 2012 Dividend Payment
Sep. 30, 2012 Dividend Payment
Jun. 30, 2012 Dividend Payment
May 3, 2012 Preferred Stock
Mar. 31, 2012 Dividend Payment
Mar. 9, 2012 Preferred Stock
Dec. 31, 2011 Dividend Payment
Nov. 3, 2011 Preferred Stock
Sep. 30, 2011 Dividend Payment
Aug. 8, 2011 Preferred Stock
Jun. 30, 2011 Dividend Payment
Mar. 30, 2011 Dividend Payment
Feb. 24, 2011 Preferred Stock
Dec. 31, 2010 Dividend Payment
Nov. 3, 2010 Preferred Stock
Sep. 30, 2010 Dividend Payment
Aug. 9, 2010 Preferred Stock
Jun. 30, 2010 Dividend Payment
May 5, 2010 Preferred Stock
Mar. 31, 2010 Dividend Payment
Dec. 31, 2009 Dividend Payment
Dec. 24, 2009 Treasury Removes $400 Billion Cap on Fannie, Freddie Aid
The Treasury says that in order to preserve "the continued strength and stability of the mortgage market," it is removing the $400 billion cap ($200 billion for each) the Treasury Department placed on the aid earlier in 2009. For the next three years, the Treasury will cover Fannie and Freddie's losses, no matter how large.More info from financialstability.gov
Sep. 30, 2009 Dividend Paid
Jun. 30, 2009 Dividend Paid
May 12, 2009 Freddie Mac Asks for $6.1 Billion More
May 12, 2009 Preferred Stock
Mar. 31, 2009 Preferred Stock
Mar. 30, 2009 Dividend Paid
Mar. 11, 2009 Freddie Mac Asks for $30.8 Billion More
Freddie Mac reports a $23.9 billion net loss for the fourth quarter of 2008 and net losses for 2008 totaling $50.1 billion. To fill the hole of its losses, the Federal Housing Finance Agency requests $30.8 billion from the Treasury, bringing the total bailout to $44.6 billion.
Feb. 18, 2009 Treasury Ups Limit for Fannie and Freddie to $200 Billion
Dec. 31, 2008 Dividend Paid
Nov. 29, 2008 Preferred Stock
Nov. 14, 2008 Freddie Mac Asks for $13.8 Billion
Freddie Mac reports a net loss of $25.3 billion for the third quarter of 2008. To fill the hole of its losses, the Federal Housing Finance Agency requests $13.8 billion from the Treasury.
Sep. 7, 2008 Government Rescues Fannie and Freddie
Fannie and Freddie are placed under the conservatorship of the Federal Housing Finance Agency. For each company, the current CEOs and board of directors are dismissed, and Treasury receives warrants for each representing 79.9 percent of the common stock. Under the terms of the rescue, the Treasury commits to invest up to $100 billion in each company to compensate for their losses.
Jul. 30, 2008 Treasury Gets Authority to Rescue Fannie and Freddie