$FNMA OIG Document Excerpt 2

Losers: Stockholders According to the PSPAs, no dividends can be paid to preferred or common shareholders of the Enterprises (with the exception of Treasury) without Treasury’s approval or until Treasury is fully repaid. Additionally, Treasury received a warrant to purchase 80% of the Enterprises’ stock for a nominal amount. Both of these measures rendered the common shares of the Enterprises virtually worthless.

http://fhfaoig.gov/Content/Files/FannieMaeandFreddieMac-WheretheTaxpayersMoneyWent.pdf