The monies were reinvested in zero coupon Treasuries, paraphrasing the 1989 bailout of the FHLBanks. Then, the government can do whatever it wants with it: Obamacare, etc. Figuratively speaking. So, don't ask me for a receipt. Just like the FHLBanks, where we can read in this statement from a FHLBank that the amounts paid in excess of their annual annuity ($300mll in interests) were called "credits due to FHLBanks". According to the law, both the 10% and the NWS dividends were assessments in the form of capital distributions that, under guise of dividends, were applied in their entirety towards the reduction of the SPS and recapitalization, per the exception to the Restriction on capital distributions (dividends) in the law and the CFR 1237.12. Otherwise they shouldn't have existed. But they went through and we are legalizing these actions. As a result, the SPS have been repaid (late 2013 and late 2014 in FMCC and FNMA, respectively) and the UST owes FnF $110B in SPS overpayments. Then, the illegal scam CRT expenses, net (deductible expenses at the time, now they pay taxes), and the settlement of the PLMBS lawsuit, net of attorney fees. Totalling $152.3 billion in credits due to FnF plus interests, which are netted out with the 1.8% cumulative dividend rate that FnF owe to UST, as per the original cheap UST backup of FnF. All in, a posting of $228 billion in their Retained Earnings accounts ought to be recognized, after the Treasury Stock (Howard's stock buybacks to boost his EPS target bonus) is retired. Today's gifted SPS, another capital distribution, are considered a joke aiming to hold the Common Equity in escrow, and it just needs to be unwound with their cancellation, when the Retained Earnings is back up (operation concealed with Financial Statement fraud: SPS absent from the balance sheets)
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