U.S. tweaks Fannie Mae, Freddie Mac bailout terms, requires all profits

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U.S. tweaks Fannie Mae, Freddie Mac bailout terms, requires all profits

U.S. tweaks Fannie Mae, Freddie Mac bailout terms, requires all profits

Does this mean they will also take responsibility for their debt?

REUTERS-

The Treasury said on Friday it is changing the way Fannie Mae and Freddie Mac will repay taxpayers in a move the Obama administration said would accelerate the winding down of the government-owned mortgage financiers.

The finance companies, which buy mortgages from lenders and repackage them as securities for investors, will now be required to hand over all their profits to the U.S. Treasury instead of the 10 percent dividend repayment required under the terms of their government bailout.

The change comes as the Treasury’s unlimited support for the companies gets set to expire at the end of the year. Fannie Mae and Freddie Mac have drawn down a total of $188 billion in taxpayer funds to stay afloat since they were taken over by the government in 2008.

Over the past three years, the companies have had to repeatedly tap the Treasury lifeline in order to make the required quarterly repayments — a situation that had Fannie Mae and Freddie Mac taking government funds to repay the government.

[REUTERS]

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One Response to “U.S. tweaks Fannie Mae, Freddie Mac bailout terms, requires all profits”

  1. Virginia says:

    Just tell me what frickin’ difference does it matter whether or not the Treasury, banksters or new investors buy securities? They are still the same old unregulated piece of shit they were before all of this started.

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