FEDERAL

Figure 15. Enterprises’ Treasury Draws and Dividend Payments Due Under PSPAs ($ billions)
$100
$90
$80
$70
$60
$50
$40
$30
$20
$10
$0
59.8
0.2
2008
66.1
6.6
2009
Net Capital to Enterprises: $41.3 billion
Dividends Paid: $146.2 billion
Treasury's Investment: $187.5 billion
33.6
28.0
13.5 16.1
2010
2011
2012
18.8
91.0
Q3 2013
Total Enterprise Draws
Total Enterprise Dividends
things, replaced the fixed dividend rate the enterprises
pay as of the first quarter of 2013. This ended the
circular practice of the enterprises drawing funds
from Treasury in order to pay dividends back to
Treasury. The enterprises’ net worth (above a specified
amount) is now effectively distributed to Treasury; for
the six months ended June 30, 2013, approximately
$76.4 billion was distributed, with an additional
$14.6 billion due in the third quarter of 2013. 41
Freddie Mac’s net worth as of June 30, 2013, was
$7.3 billion, resulting from comprehensive net income
of $11.3 billion for the six months ended June 30,
2013, and a beginning equity balance of $8.8 billion
less $12.8 billion paid to Treasury in senior preferred
stock dividends during the first half of 2013. As a
result, Freddie Mac did not request a draw from
Treasury in the second quarter of 2013 under the
PSPA. 43
As shown in Figure 15 (see above), since the
conservatorships began in 2008 through
September 30, 2013, the enterprises have drawn
a total of $187.5 billion from Treasury and paid
Fannie Mae’s net worth, including noncontrolling $146.2 billion in dividends. As of June 30, 2013,
interests,
Figure
as
15.
of June
Enterprises'
30, 2013, was
Treasury
$13.2 billion,
Draws and Dividend
Fannie Mae’s
Payments
total draws
Due
from
Under
Treasury
PSPAs
under the PSPA
resulting from comprehensive net income of remain at $116.2 billion and Freddie Mac’s remain at
$69.6 billion for the six months ended June 30, 2013, $71.3 billion. 44
and a beginning equity balance of $7.2 billion—i.e.,
the enterprise’s net worth as of December 31, 2012—
less $63.6 billion paid to Treasury in senior preferred
stock dividends during the first half of 2013. As
a result, Fannie Mae did not request a draw from
Treasury in the second quarter of 2013 under the
PSPA. 42
For the second quarter of 2013, Fannie Mae and
Freddie Mac made dividend payments of $59.4 billion
and $7 billion, respectively, to Treasury without any
assistance under the PSPAs. For the third quarter
of 2013, Fannie Mae and Freddie Mac will make
additional payments of $10.2 billion and $4.4 billion,
respectively, under the terms of the PSPAs. As of
September 30, 2013, Fannie Mae and Freddie Mac
will have paid Treasury a total of $105.3 billion and
$40.9 billion, respectively, in dividends on the senior
preferred stock. 45 These dividend payments do not
44 Federal Housing Finance Agency Office of Inspector General