Found this in FY2022 FEDERAL BUDGET ANALYTICAL PERSPECTIVES: "The PSPAs also generally require that Fannie Mae and
Freddie Mac pay quarterly dividends to Treasury, though
the terms governing the amount of those dividends have
changed several times pursuant to agreements between
Treasury and Fannie Mae and Freddie Mac. The most re-
cent changes, announced on January 14, 2021, permit the
GSEs to suspend dividend payments until they achieve
minimum capital levels established by FHFA through
a regulatory framework published in 2020. The Budget
projects those levels will not be reached during the Budget
window and accordingly reflects no dividends through
2031. Through December 31, 2020, the GSEs have paid a
total of $301.0 billion in dividend payments to Treasury
on the senior preferred stock.
The Temporary Payroll Tax Cut Continuation Act of
2011 (Public Law 112–78) required that Fannie Mae and
Freddie Mac increase their annual credit guarantee fees
on single-family mortgage acquisitions between 2012 and
2021 by an average of at least 0.10 percentage point. A
mortgage acquired during this time period will be subject
to the fee while the loan remains outstanding. The Budget
does not assume the fee will apply to loans acquired af-
ter the October 1, 2021 sunset date, but does assume the
fees will apply for the life of the loans acquired prior to
the sunset. The Budget estimates these fees, which are
remitted directly to the Treasury and are not included in
the PSPA amounts, will result in deficit reduction of $25.2
billion from 2022 through 2031.
In addition, effective January 1, 2015 FHFA directed
Fannie Mae and Freddie Mac to set aside 0.042 percent-
age points for each dollar of the unpaid principal balance
of new business purchases (including but not limited to
mortgages purchased for securitization) in each year to
fund several Federal affordable housing programs created
by Housing and Economic Recovery act of 2008, including
the Housing Trust Fund and the Capital Magnet Fund.
The 2022 Budget projects these assessments will gener-
ate $4.4 billion for the affordable housing funds from 2022
through 2031. In addition, though not funded by these as-
sessments, the Budget reflects proposals in the American
Jobs Plan to provide $45 billion for the Housing Trust
Fund and $12 billion for the Capital Magnet Fund over
the Budget window.
Future of the Housing Finance System
Fannie Mae and Freddie Mac are in their twelfth year
of conservatorship, and Congress has not yet enacted leg-
islation to define the GSEs’ long-term role in the housing
finance system. The Administration is committed to housing finance policy that expands fair and equitable access
to homeownership and affordable rental opportunities,
protects taxpayers, and promotes financial stability. The
Administration has a key role in shaping, and a key inter-
est in the outcome of, housing finance reform, and stands
ready to work with Congress in support of these goals
