Timeline
Challenge

A 15-question timed quiz testing your knowledge of the Fanniegate saga — from the 2008 conservatorship through the Net Worth Sweep, key court cases, and the ongoing push for privatization. You get 20 seconds per question with bonus points for fast answers.

In August 2012, the Third Amendment changed Treasury’s dividend from a fixed 10% annual rate to 100% of Fannie Mae and Freddie Mac’s quarterly profits. Approximately $301 billion has been swept to the Treasury, far exceeding the ~$190 billion originally drawn.

In June 2021, the Supreme Court ruled that FHFA’s single-director structure was unconstitutional. However, the Court did not grant shareholders a direct financial remedy, remanding the damages question to lower courts.

Bill Pulte was confirmed as FHFA Director in 2025. He is the grandson of PulteGroup founder William Pulte and has been a central figure in discussions about ending the conservatorship.

Preferred stock issued by Fannie Mae and Freddie Mac before the 2008 conservatorship, typically with par values of $25 or $50. Dividends have been suspended since 2008. Investors hold them based on the thesis that recapitalization and release will restore their value.