A total of $301.1 billion was sent to the Treasury from the companies. Treasury owes the companies the overage payment on total draws amount $191.4 billion, the overage payment amount $109.7 billion. (explanation provided link below).
FEDERAL STATUTES
The Treasury and FHFA illegal exaction due to violating Federal statutes. Neither the Charter Act nor did HERA authorize the Treasury to charge a commitment fee on a line of credit to be paid by the Enterprise.
Fannie Mae and Freddie Mac, the minimum leverage capital requirement is to maintain tier 1 capital equal to at least 2.5% of adjusted total assets (minimum), and adjusted total capital equal to at least 4.5%, 6.0%, and 8.0% respectively, of risk-weighted assets.
With Treasury returning the stolen money to the companies both companies are capitalized. IF the Treasury chooses to continue on the path its on stealing from the Shareholders the 2.5% minimum leverage capital required with the companies $30 plus net income per year Fannie Mae will meet the number in less than one year and Freddie Mac less than two. Under these conditions absolutely NO REASON for a capital raise by a re-IPO. NO REASON for a government explicit guarantee. The companies are private entities these actions would necessarily turn the GSEs back into agencies of the executive branch as they were originally created.
First, Treasury and FHFA must agree to cancel the net worth sweep (NWS increase dollar for dollar on retained earnings) eliminate Treasury’s liquidation preference, and cancellation of the Senior Preferred. Fannie and Freddie already have repaid their senior preferred stock, to make the companies’ repay their indebtedness to Treasury twice would be fraudulent.
The JPS are non-cumulative, no reason for management to allot any money on behalf to the shareholders at this point in time to exit conservatorship and re-list on the NYSE. When management determines to reinstate dividend payments the companies can choose to sell into the open market new issues of cumulative preferred stock at a lower payout amount replacing the higher yield on the existing JPS and shareholders of the then old issue receive par.
CAPITAL REQUIREMENT
Fannie short $12.9 billion Freddie $23 billion
Fannie, Total Assets $4.3 trillion, Total equity $94.6 billion Form 10k page 68
$4.3 trillion x 2.5% = $107.5 billion capital requirement, $107.5 billion minus $94.6 billion = $12.9 billion shortfall.
Freddie, Total Assets $3.3 trillion, Total equity $59.5 billion Form 10k page 133
$3.3 trillion x 2.5% = $82.5 billion capital requirement, $82.5 billion minus $59.5 billion = $23 billion shortfall.
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