Federal takeover of Fannie Mae and Freddie Mac: Difference between revisions

url = httphttps://money.cnn.com/2008/09/06/news/economy/fannie_freddie_paulson.fortune/?postversion=2008090615 | title = Paulson readies the bazooka: Big buyers of Fannie Mae and Freddie Mac debt have been shying away. The Treasury secretary wants to coax them back.}}

The [[Presidency of George W. Bush|George W. Bush administration]] was prevented from taking official action due to Senate Bill 190 of the 109 Congress never being allowed a full Senate vote, even though it was passed out of committee on a 13-9 vote along party lines (13 Republicans voted "Yes" and 9 Democrats voted "No"),<ref>{{cite web|url=http://www.govtrack.us/congress/bill.xpd?bill=s109-190|title=Federal Housing Enterprise Regulatory Reform Act of 2005 (2005 - S. 190)|author=|date=|work=govtrack.us|access-date=January 23, 2017}}</ref> doing so would have prevented Congress' home ownership goals being realized. On June 16, 2010, it was announced that the two GSEs would have their shares delisted from the NYSE.<ref>{{cite web | title = Fannie Mae, Freddie Mac to delist from NYSE | author = Chris Isidore | url = httphttps://money.cnn.com/2010/06/16/news/fannie_freddie_delisting/ | website = CNN Money | date = June 16, 2010 | access-date =June 19, 2010 }}</ref> An article from August 2012 in ''Bloomberg'' noted that the companies "have drawn $190 billion in aid and paid $46 billion in dividends since being taken over by U.S. regulators in 2008".<ref>{{cite news | title = U.S. Revises Payment Terms for Fannie Mae, Freddie Mac |author1=Cheyenne Hopkins |author2=Clea Benson | url = https://www.bloomberg.com/news/2012-08-17/treasury-accelerates-withdrawal-of-fannie-freddie-backing.html | publisher = Bloomberg | date = August 17, 2012 | access-date = October 4, 2012 }}</ref> CBS News reported on August 6, 2015, that Fannie Mae alone has paid a total of $142.5 billion in dividends since receiving a bailout of $116 billion in 2008.<ref>{{cite news | title = Fannie Mae posts $4.6B profit; paying $4.4B dividend | url = http://www.cbsnews.com/news/fannie-mae-posts-4-6b-profit-paying-4-4b-dividend/ | publisher = Associated Press | date = August 6, 2015 | access-date = January 8, 2016}}</ref> On September 24, 2012, a judge dismissed a class-action lawsuit that contended that Freddie Mac made misleading statements about its exposure to risky loans in the run-up to the company's federal takeover.<ref>{{cite news | title = Securities Fraud Lawsuit Dismissed Against Freddie Mac | author = Alan Zibel | url = https://www.wsj.com/articles/SB10000872396390443328404578022640377038654 | work = Wall Street Journal | date = September 27, 2012 | access-date = October 5, 2012 }}</ref> As of 2018, profits from Fannie Mae and Freddie Mac are still being sent to the Treasury Department.