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Friday, March 28, 2014 10:21:18 AM
The first set represents dividends actually paid until March 31, 2014. All of those monies were earned by December 31, 2013 and then the latest was paid forward per payment pattern for 2014Q1.
The second set represents a hypothetical set of dividends without the net worth sweep. Just 10% dividends on an unredeemable $189.4 billion liquidation preference.
Actual Dividends Paid at 10% and Net Worth Sweep Beginning 1/01/2013 (in billions)
Quarter Paid Fannie Mae Freddie Mac
2008 Q3 $0.01 n/a $0.01 N/A
2008 Q4 $0.03 12/31/08 $0.17 12/31/08
2009 Q1 $0.03 3/31/09 $0.37 3/31/09
2009 Q2 $0.41 6/30/09 $1.15 6/30/09
2009 Q3 $0.89 9/30/09 $1.29 9/30/09
2009 Q4 $1.15 12/31/09 $1.29 12/31/09
2010 Q1 $1.53 3/31/10 $1.29 3/31/10
2010 Q2 $1.91 6/30/10 $1.29 6/30/10
2010 Q3 $2.12 9/30/10 $1.56 9/30/10
2010 Q4 $2.15 12/31/10 $1.60 12/31/10
2011 Q1 $2.22 3/31/11 $1.61 3/31/11
2011 Q2 $2.28 6/30/11 $1.62 6/30/11
2011 Q3 $2.50 9/30/11 $1.62 9/30/11
2011 Q4 $2.62 12/30/11 $1.66 12/30/11
2012 Q1 $2.82 3/30/12 $1.81 3/30/12
2012 Q2 $2.93 6/29/12 $1.81 6/29/12
2012 Q3 $2.93 9/28/12 $1.81 9/28/2012
2012 Q4 $2.93 12/31/12 $1.81 12/31/12
2013 Q1 $4.20 3/29/13 $5.83 3/29/13
2013 Q2 $59.40 6/28/13 $6.97 6/28/13
2013 Q3 $10.20 9/20/13 $4.40 9/20/13
2013 Q4 $8.62 12/31/13 $30.40 12/31/13
2014 Q1 $7.20 $10.40
$121.08 $81.77
________________________________________________________
Actual Dividends Paid at 10% until 12/31/2012 and Hypothetical Dividends at
10% without change in Third Amendment so that the $189.4 billion liquidation
preference remain unredeemed. (in billions)
Quarter Paid Fannie Mae Freddie Mac
2008 Q3 $0.01 n/a $0.01 N/A
2008 Q4 $0.03 12/31/08 $0.17 12/31/08
2009 Q1 $0.03 3/31/09 $0.37 3/31/09
2009 Q2 $0.41 6/30/09 $1.15 6/30/09
2009 Q3 $0.89 9/30/09 $1.29 9/30/09
2009 Q4 $1.15 12/31/09 $1.29 12/31/09
2010 Q1 $1.53 3/31/10 $1.29 3/31/10
2010 Q2 $1.91 6/30/10 $1.29 6/30/10
2010 Q3 $2.12 9/30/10 $1.56 9/30/10
2010 Q4 $2.15 12/31/10 $1.60 12/31/10
2011 Q1 $2.22 3/31/11 $1.61 3/31/11
2011 Q2 $2.28 6/30/11 $1.62 6/30/11
2011 Q3 $2.50 9/30/11 $1.62 9/30/11
2011 Q4 $2.62 12/30/11 $1.66 12/30/11
2012 Q1 $2.82 3/30/12 $1.81 3/30/12
2012 Q2 $2.93 6/29/12 $1.81 6/29/12
2012 Q3 $2.93 9/28/12 $1.81 9/28/2012
2012 Q4 $2.93 12/31/12 $1.81 12/31/12
2013 Q1 $2.93 3/29/13 $1.81 3/29/13
2013 Q2 $2.93 6/28/13 $1.81 6/28/13
2013 Q3 $2.93 9/20/13 $1.81 9/20/13
2013 Q4 $2.93 12/31/13 $1.81 12/31/13
2014 Q1 $2.93 $1.81
$46.11 $32.82
Source: Data taken from the following:
Fannie Mae’s and Freddie Mac’s Financial Status: Frequently Asked Questions
http://www.fas.org/sgp/crs/misc/R42760.pdf
Fannie Mae Form 10-Q 3rd Quarter
http://www.fanniemae.com/resources/file/ir/pdf/quarterly-annual-results/2013/q32013.pdf
Fannie Mae Form 10-K 2013
http://www.fanniemae.com/resources/file/ir/pdf/quarterly-annual-results/2013/10k_2013.pdf
Freddie Mac Form 10-Q 3rd Quarter
http://www.freddiemac.com/investors/er/pdf/10q_3q13.pdf
Freddie Mac Form 10-K 2013
http://www.freddiemac.com/investors/er/pdf/10k_022714.pdf
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