H.R.2435: Let the GSEs Pay Us Back Act of 2013

About this Bill

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Sponsor Michael E. Capuano, D-Mass.
Total Cosponsors 0
Introduced June 19, 2013
Latest Major Action June 19, 2013
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Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill Summary

Let the GSEs Pay Us Back Act of 2013 - Directs the Secretary of the Treasury, the Federal National Mortgage Association (Fannie Mae) and any affiliate, and the Federal Home Loan Mortgage Corporation (Freddie Mac) and any affiliate (government sponsored enterprises or GSEs), with each GSE acting through an appointed conservator, to enter into an agreement that modifies the Preferred Stock Purchase Agreement for the GSE to provide that: (1) any Senior Preferred Stock purchased under the Agreement by the Treasury shall not accrue further dividends; and (2) any amounts received by the GSE, before or after the modification, during a single year as a draw upon the Treasury's commitment under the Agreement shall be treated as a loan by the Treasury to the GSE meeting specified criteria.

Specifies as such criteria that this loan be treated as though originated on the date of the last such draw during that year, with: (1) an original principal obligation equal to the aggregate amou...

(Source: Congressional Research Service)

Bill Actions

Date Description
June 19, 2013 Referred to the House Committee on Financial Services.