Fannie Mae

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Washington, D.C.

Committed:	$59,900,000,000
Disbursed:	$59,900,000,000	Returned:	$0	Revenue to Gov't:	$1,317,000,000
				Net Outstanding:	$58,583,000,000

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9.5%	of all bailout funds committed.
46.8%	of the Financial Services Company industry bailout.

Description

On Sep. 7, 2008, the government took over Fannie Mae and Freddie Mac. Under the terms of the rescue, the Treasury has invested billions to cover the companies' losses.

The Fannie and Freddie bailout is separate from the broader $700 billion bailout -- known as the TARP -- and instead comes via the Housing and Economic Recovery Act of 2008, passed in July 2008. In February 2009, Treasury Secretary Tim Geithner said as much as $200 billion in taxpayer money might be put into each company. In December, the Treasury removed that cap, meaning an unlimited amount of money could be invested.

Map: Corporate headquarters of Fannie Mae.
See all recipients in District of Columbia

Events

Jul 30, 2008 Treasury Gets Authority to Rescue Fannie and Freddie

President Bush signs the Housing and Economic Recovery Act of 2008, which authorizes funds for a government rescue of Fannie Mae and Freddie Mac.

More info from frwebgate.access.gpo.gov
Sep 7, 2008 Government Rescues Fannie and Freddie

Fannie and Freddie are placed under the conservatorship of the Federal Housing Finance Agency. For each company, the current CEOs and board of directors are dismissed, and Treasury receives warrants for each representing 79.9 percent of the common stock. Under the terms of the rescue, the Treasury commits to invest up to $100 billion in each company to compensate for their losses.
Feb 18, 2009 Treasury Ups Limit for Fannie and Freddie to $200 Billion

Geithner announces that the Treasury is increasing its funding commitment to both Fannie and Freddie from $100 billion to $200 billion.

More info from www.ustreas.gov
Feb 26, 2009 Fannie Mae Asks for $15.2 Billion

Fannie Mae reports a $25.2 billion loss for the fourth quarter of 2008 and losses for all of 2008 totaling $58.7 billion. To fill the holes of its losses, the Federal Housing Finance Agency requests $15.2 billion from the Treasury.

More info from www.fanniemae.com
$15.2B

Mar 31, 2009 Preferred Stock

Part of the Preferred Stock Investments
$25M

Mar 31, 2009 Dividend Paid

Part of the Preferred Stock Investments

More info from www.fanniemae.com
May 8, 2009 Fannie Mae Asks for $19 Billion More

Fannie Mae reports a $23.2 billion loss for the first quarter of 2009. To fill the holes of its losses, the Federal Housing Finance Agency requests $19 billion from the Treasury.

Part of the Preferred Stock Investments

More info from www.fanniemae.com
$19B

May 8, 2009 Preferred Stock

Part of the Preferred Stock Investments

More info from www.fanniemae.com
$409M

Jun 30, 2009 Dividend Paid

Part of the Preferred Stock Investments

More info from www.fanniemae.com
Aug 6, 2009 Fannie Mae Asks for $10.7 Billion More

Fannie Mae reports a $14.8 billion billion loss for the second quarter of 2009. To fill the holes of its losses, the Federal Housing Finance Agency requests $10.7 billion from the Treasury.

Part of the Preferred Stock Investments

More info from www.propublica.org
$10.7B

Aug 6, 2009 Preferred Stock

Part of the Preferred Stock Investments

More info from www.fanniemae.com
$883M

Sep 30, 2009 Dividend Paid

Part of the Preferred Stock Investments

More info from www.sec.gov
$15B

Nov 4, 2009 Preferred Stock

Part of the Preferred Stock Investments

More info from www.sec.gov
Nov 4, 2009 Fannie Mae Asks for $15 Billion More

Fannie Mae reports a $18.9 billion billion loss for the third quarter of 2009. To fill the holes of its losses, the Federal Housing Finance Agency requests $15 billion from the Treasury.

Part of the Preferred Stock Investments

More info from www.propublica.org
Dec 24, 2009 Treasury Removes $400 Billion Cap on Fannie, Freddie Aid

The Treasury says that in order to preserve "the continued strength and stability of the mortgage market," it is removing the $400 billion cap ($200 billion for each) the Treasury Department placed on the aid earlier in 2009. For the next three years, the Treasury will cover Fannie and Freddie's losses, no matter how large.

Part of the Preferred Stock Investments

More info from financialstability.gov

Date	Type	Amount	Program	Description
11/04/2009	Purchase	$15,000,000,000	PSI	Preferred Stock
09/30/2009	Dividend	$883,000,000	PSI	Dividend Paid
08/06/2009	Purchase	$10,700,000,000	PSI	Preferred Stock
06/30/2009	Dividend	$409,000,000	PSI	Dividend Paid
05/08/2009	Purchase	$19,000,000,000	PSI	Preferred Stock
03/31/2009	Purchase	$15,200,000,000	PSI	Preferred Stock
03/31/2009	Dividend	$25,000,000	PSI	Dividend Paid

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Our Bailout Highlights

Bailout Breakdown: Losses Likely to Be Larger Than Treasury Estimates 12/11

Interactive Chart Shows Breakdown of Slow-Moving Loan Mod Program 12/11

Homeowners Getting Blame for Lack of Loan Mods, but Evidence Points to Banks and Servicers, Too 12/9

Bailout Balance Sheet December 2009: Taxpayers’ Revenues Grow, but So Do Losses 12/3

AIG May Soon Lose Crown as Biggest Bailout Debtor 12/1

GM Announces It Will Pay Back Gov’t Loan … With Gov’t Money 11/16

Govt’s Attempt to Push Transparency for Mortgage Mods Falls Short 11/13

Adding Up the Financial Rescue: Fall Edition 10/2

Why Authorities Haven’t Stopped the Foreclosure ‘Rescue’ Boom 9/24

About This Project

We're tracking where the bailout money is going. Our lead bailout reporter – and blogger – is ProPublica's . Lead developer is .

ProPublica is an independent, non-profit newsroom that produces investigative journalism in the public interest. We strive to foster change through exposing exploitation of the weak by the strong and the failures of those with power to vindicate the trust placed in them.

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Eye on the Bailout

Fannie Mae

Washington, D.C.

Description

Events

Jul 30, 2008 Treasury Gets Authority to Rescue Fannie and Freddie

Sep 7, 2008 Government Rescues Fannie and Freddie

Feb 18, 2009 Treasury Ups Limit for Fannie and Freddie to $200 Billion

Feb 26, 2009 Fannie Mae Asks for $15.2 Billion

Mar 31, 2009 Preferred Stock

Mar 31, 2009 Dividend Paid

May 8, 2009 Fannie Mae Asks for $19 Billion More

May 8, 2009 Preferred Stock

Jun 30, 2009 Dividend Paid

Aug 6, 2009 Fannie Mae Asks for $10.7 Billion More

Aug 6, 2009 Preferred Stock

Sep 30, 2009 Dividend Paid

Nov 4, 2009 Preferred Stock

Nov 4, 2009 Fannie Mae Asks for $15 Billion More

Dec 24, 2009 Treasury Removes $400 Billion Cap on Fannie, Freddie Aid