http://www.wsj.com/articles/
Finally, Congress should set in statute the dividend on Fannie and Freddie’s senior preferred stock—the taxpayers’ $187 billion bailout—at the original 10%. The dividend rate is currently determined by political appointees at the Treasury and the Federal Housing Finance Agency. This authority belongs in Congress. After Fannie and Freddie meet capital requirements, pay the government for the privilege of having a guarantee, and pay the 10% dividends, then any excess capital should go toward retiring the taxpayers’ senior preferred stock.
That doesn’t say that the GSEs were treated unfairly compared to the banks. Also, what they are recommending is going forward, after the sweep has taken about $100 billion, return the rate to 10%, and wait until the GSEs attain 5% capital, which may take forever with $18.7B annual dividends paid out, only then should the snr. preferred be paid down. Also, Congress should not be legislating financial policy of a private company. “This authority belongs in Congress.” is part of Alex’s febrile imagination.