Well fnma has bought just about bought all the properties in the county I live in Pennsylvania. So much that they are out bidding realitors for properties. the selling them back to them.
The arrangement that was made was structured as an investment where the GSEs are be able to draw from the US Treasury 200 billion dollars (amended from 100 billion) as needed in exchange for Senior Preferred Shares that increased the liquidation preference with each draw and a warrant for 79.9% of the common stock on a fully-diluted basis at the nominal price of .00001. The warrants expire in 2028.
The Senior Preferred Share Purchase Agreement required the GSEs at first to pay a 10% quarterly dividend for the total amount drawn and 12% per quarter if the payment was late. Later in August 2012, the SPSA was amended for the third time and the quarterly dividend arrangement was suddenly changed to a 2013 quarterly net worth sweep of all net profits above a 3 billion capital reserve that diminishes every year thereafter by $600 million until that capital reserve becomes zero on January 1, 2018.
So according to the arrangement there is no repayment and the warrants for each GSE have not expired and can be exercised until 2028.