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Volume 14 - Number 4

February 21, 2014

2010 Treasury Memo Cites White House Intent to Sweep GSE Profits

A recently unearthed Treasury Department “action memorandum” from 2010 makes clear the White House’s commitment to ensuring that common shareholders in Fannie Mae and Freddie Mac should never have access “to any positive earnings from the GSEs in the future.” The memo, approved by then-Secretary Timothy Geithner, asks that Treasury waive the GSEs’ periodic commitment fee for 2011.

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