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The US Treasury Department appears to be speeding up the day of reckoning for Fannie Mae and Freddie Mac by revamping its bailout terms of the GSEs. Under the new terms, the GSEs will have to reduce their investment portfolios more quickly, by 15% a year from 10% under the original terms. Treasury has also replaced the 10% dividend payments the GSEs make to it on their preferred stock investments. Now, every quarter Treasury will sweep all profits the firms earn.
The bottom line: the government is stepping up the pace at which taxpayers will see their money returned.
(Source: globest.com)
