Total Swept from Fannie Mae & Freddie Mac
and counting. Every quarter, the U.S. Treasury sweeps profits from two of the most profitable companies in America.
157%
of bailout repaid
44
quarters swept
$0
returned to shareholders
The Math Doesn't Lie
Treasury Put In
$0.0B
$116.1B to Fannie Mae + $71.3B to Freddie Mac + additional draws. The original “bailout” investment.
Treasury Took Out
$301.0B
Every dollar of profit, swept quarterly under the Third Amendment. Not 10%. Not 50%. One hundred percent.
Net Overpayment
$0.0B
Paid back $109.5 billion more than was ever drawn. And shareholders got nothing.
Amount Returned to Shareholders
$0
Common shareholders. Preferred shareholders. Zero dividends since 2008.
Quarter-by-Quarter Sweep
Every quarterly dividend payment from Fannie Mae and Freddie Mac to the US Treasury under the Net Worth Sweep. Scroll to explore.
Peak Quarter
Q2 2013: $59.4B
Avg Quarterly Payment
$4.9B
Years of Sweep
2013 – 2023
Critical Moments
Third Amendment Signed
Treasury and FHFA replace the 10% fixed dividend with a 100% profit sweep.
Deferred Tax Asset Reversal
Fannie Mae reverses $50.6B and Freddie Mac reverses $8.8B in deferred tax asset valuation allowances. The single largest quarterly payment.
Capital Retention Agreement
Treasury allows Fannie and Freddie to retain $25B and $20B respectively. The full sweep effectively ends, but the damage is done.
The Facts
Six truths that define Fanniegate.
“The Net Worth Sweep transferred 100% of Fannie and Freddie's profits to the US Treasury”
The Net Worth Sweep transferred 100% of Fannie and Freddie's profits to the US Treasury
Junior preferred shareholders have received $0 in dividends since 2008
Despite paying back 157% of the original bailout, the companies remain in conservatorship
The sweep was implemented via the Third Amendment to the PSPA in August 2012
Internal documents revealed Treasury knew the companies were about to become massively profitable
AIG, GM, and the banks were all allowed to repay and exit — only Fannie and Freddie were trapped
Annual Sweep Totals
Aggregated from quarterly payment data.
| Year | Annual Total | Running Total |
|---|---|---|
| 2013 | $81.8B | $81.8B |
| 2014 | $22.5B | $104.3B |
| 2015 | $12.2B | $116.5B |
| 2016 | $11.4B | $127.9B |
| 2017 | $15.1B | $143.0B |
| 2018 | $19.1B | $162.1B |
| 2019 | $15.0B | $177.1B |
| 2020 | $10.8B | $187.9B |
| 2021 | $9.9B | $197.8B |
| 2022 | $8.6B | $206.4B |
| 2023 | $7.8B | $214.2B |
The Bottom Line
They paid back every penny. Then $109.5 billion more.
The government injected $191.5 billion into Fannie Mae and Freddie Mac. They swept back $301 billion. The companies are profitable. The shareholders got nothing. The conservatorship continues. That is the Net Worth Sweep.
This page reflects Glen Bradford's personal views and interpretation of publicly available documents, court filings, and regulatory data. It is not legal or financial advice. Glen holds Fannie Mae and Freddie Mac preferred shares and has a financial interest in these companies. Dollar amounts are approximate. Do your own research and consult qualified professionals.
Keep Exploring
Net Worth Sweep
The full story: timeline, FAQ, court cases, and why the Third Amendment matters.
Read moreMust ReadFanniegate
The complete Fanniegate hub: 8 books, curated blog posts, evidence, and current status.
Read moreFanniegate Starter Pack
New to this? Start here. 5 sections covering everything a new investor needs.
Read moreCurrent Positions
Every ticker Glen holds: 26 series of junior preferred stock across Fannie Mae and Freddie Mac.
Read morePreferred Stock Guide
How to evaluate Fannie Mae and Freddie Mac preferred shares using Graham's methodology.
Read moreNewInvestor Community
Weekly deep-dives, real-time updates, and direct Q&A with Glen. $20/month.
Read more