Preferred Stock Investments
Fannie and Freddie Bailout
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A program under the Housing and Economic Recovery Act of 2008
2 recipients
$187.49 billion promised
$187.49 billion actually invested, loaned, or spent
More info from www.financialstability.gov
On Sep. 7, 2008, Fannie and Freddie were essentially nationalized: placed under the conservatorship of the Federal Housing Finance Agency. Under the terms of the rescue, the Treasury has invested billions to cover the companies' losses.
Initially, Treasury Secretary Hank Paulson put a ceiling of $100 billion for investments in each company. In February of 2009, Tim Geithner raised it to $200 billion. In December, the Treasury removed any cap for the aid. The money was authorized by the Housing and Economic Recovery Act of 2008, passed in July, 2008.
Documents from the Treasury Department:
Freddie Mac Certificate
Freddie Mac Purchase Agreement and Amendments
Fannie Mae Certificate
Fannie Mae Purchase Agreement and Amendments
More info from www.financialstability.gov
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The following list shows the 2 recipients of Preferred Stock Investments.
| Name | State | Date Entered | Amount Committed by PSI | Amount Returned to PSI | Total Bailout Commitment |
|---|---|---|---|---|---|
| Fannie Mae | D.C. | Mar. 31, 2009 | $116,149,000,000 | $116,149,000,000 | |
| Freddie Mac | Va. | Nov. 29, 2008 | $71,336,000,000 | $71,336,000,000 |