Freddie's draws and dividends.
DRAWS
2008 = 44.6 bill
2009 = 6.1 bill
2010 = 13 bill
2011 = 7.6 bill
2012 = 0.02 bill
Divs
2008 = 0.2 bil
2009 = 4.1 bill
2010 = 5.7 bill
2011 = 6.5 bill
2012 = 7.2 bill
2013 = 47.6 bill
2014 = 19.6 bill
I do not think balances carry over to the next loan. It looks like all draws are treated as independent loans that need to be repaid. And they get paid back first come. So second, third, fourth and fifth loan cannot be canceled until the first gets fully paid.
A quick back of the envelope would be the 08' loan being repaid in full in 2013 leaving a positive balance of 14.35 bill in dividends after having used all dividends from 2008 through 2012 and partially 2013. The second loan of 2009 would have accrued interests to 7.4 bill and be also paid in full with the remaining balance of dividends, leaving 6.95 bill for the third loan from 2010. This 3rd loan would have accrued interests to 15 bill and could not be paid in full. Its balance, 8.1 bill moves to the next year's dividend (2014) and its balance grows to 8.49 bill and gets fully paid with the dividends of 2014. The balance of dividends for 2014 then remains positive at 11.1 bill. The fourth loan accrued interest to 8.379 bill and gets paid in full with the remaining dividends. The remaining balance of dividends becomes 2.72 bill and can cover the last loan (fifth) of .02 bill.
By the time Freddie pays all its loans and interests with all dividends generated, it can keep a positive balance of 2.7 billion assigned to its capital account.
I imagine that Fannie too can pay all what was borrowed and keep a tiny amount of capital for itself.
So Capuano's bill should put us in the black AND with a different capital structure. No more Sr. preferred shares.
NOTE: all numbers are approx.
