Fannie Mae and Freddie Mac Have Now Paid Back $38.1 Billion; So Why Not Allow to Begin Rebuilding Capital? by Investors Unite
Fannie Mae and Freddie Mac have now paid back $38.1 billion more than they borrowed. So Why Aren’t They Allowed to Begin Rebuilding Capital?
Fannie Mae / Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA) reported $3.9 billion in profit for the third quarter of this year. Fannie Mae will be making a $4 billion payment to the U.S. Treasury in December under the terms of the never-ending conservatorship. Including this payment, Fannie Mae will have paid the federal government $134.5 billion on a $116.1 billion bailout.
Freddie Mac / Federal Home Loan Mortgage Corp (OTCBB:FMCC) reported $2.1 billion in profit for the third quarter of this year. Freddie Mac will be making a $2.8 billion payment to the U.S. Treasury in December under the terms of the never-ending conservatorship. Including this payment, Freddie Mac will have paid the federal government $91 billion on a $71.3 billion bailout.
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$134.5 billion paid back on a $116.1 billion loan.
$91 billion paid back on a $71.3 billion loan.
This isn’t about the taxpayer making a profit — nobody is arguing that the government shouldn’t make money on its investment. That’s what the 10% dividend and the 79% of the common stock is for! No, this is about accountability. The decision by Treasury in 2012 to unilaterally change the terms of the government’s take from 10% of earnings to 100% — in perpetuity — is illegal under HERA, and has created a huge problem of accountability for the United States: Where does all of the money go?