Who: Fannie Mae and Freddie Mac, the government-sponsored mortgage giants. What: Treasury took both companies into conservatorship and injected capital through senior preferred stock whenever their net worth fell below zero.
n/a
committed or authorized
$192B
paid out
$301B
recovered (repayments, dividends, fees)
$110B
net profit (cash to date (still open))
Outcome
Still in conservatorship as of their mid-2026 filings. The draws have never been repaid as such, but the companies have paid Treasury $301B in dividends. Treasury's senior preferred stock carries a liquidation preference of about $381B: what it would be owed ahead of other shareholders, not a market value.
Legal authority: Housing and Economic Recovery Act of 2008.
Who got it: Treasury draws
Fannie Mae$120B
Freddie Mac$71.6B
Dividends paid back to Treasury
Fannie Mae$181B
Freddie Mac$120B
Worth knowing
Since 2012 a “net worth sweep” sent essentially all profits to Treasury; it ended in 2019 so the companies could rebuild capital. A partial public offering was discussed in 2025–26 but had not happened as of the latest filings.