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Coinciding with the announcement of third quarter net worth deficits at Fannie Mae and Freddie Mac, the Federal Housing Finance Administration submitted related funding requests for $13.2 billion to the Treasury. Under the terms of the Senior Preferred Share Agreement in place since the September 2008 conservatorship of the two government-sponsored enterprises, the Treasury has seen its related stake in the mortgage giants increase to $72.2 billion at Freddie Mac and $112.6 billion at Fannie Mae†. A direct result of the terms of these investments, the agencies’ required dividend payments back to the public purse – approaching $20 billion per year – preclude their return to profitability and independent emergence from conservatorship without some structural change.

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