Fannie Mae-No Politics (FNMA)

[obiterdictum]

So no loans to either gse. The spspa for each gse did not constitute loans and then of course the self dealing nws were not loans either. Do the proposed bills attempt to treat all of the payments that FnF have made as amortized loan payments? But with vague and ambiguous language?
Go FnF

Yes. Yes. Yes. No. There is one bill, Capuano's H.R. 491, that proposes that GSE dividends paid be considered paid principal and interest payments on a number of Fannie and Freddie loans on 30 year amortization schedule at 5%.

(2) Treatment of enterprise draws on Treasury

That any amounts received, before or after such modification, during a single year by the enterprise as a draw on the commitment made by the Department of the Treasury under such an Agreement, shall be treated as a loan made by the Treasury to the enterprise that—

(A) was originated on the date of the last such draw during such year;

(B) has an original principal obligation in an amount equal to the aggregate amount of such draws;

(C) has a term to maturity of 30 years;

(D) has an annual interest rate of 5 percent for the entire term of the loan;

(E) has terms that provide for full amortization of the loan over such term to maturity; and

(F) shall be repaid by the enterprise in accordance with the amortization schedule established for the loan pursuant to subparagraph (E) of this paragraph, subject to paragraph (3).

Paragraph (3)

(3)Treatment of dividends paid
That any dividends paid by the enterprise to the Department of the Treasury under the Senior Preferred Stock Agreement before such modification of such Agreement shall be treated as payments of principal and interest due under the loan referred to in paragraph (2), and shall be credited against payments due under the terms of such loan (in accordance with the amortization schedule established for such loan pursuant to paragraph (2)(E)), first to such loan having the earliest origination date that has not yet been fully repaid until such loan is repaid, and then to the next such loan having the next earliest origination date until such loan is repaid.

Source:
H.R. 491
https://www.congress.gov/bill/115th-congress/house-bill/491/text