TREASURY DEPARTMENT ANNOUNCES STEPS TO WIND DOWN FANNIE MAE AND FREDDIE MAC

The U.S. Department of the Treasury announced a set of modifications to the Preferred Stock Purchase Agreements between the Treasury Department and the Federal Housing Finance Agency as conservator of Fannie Mae and Freddie Mac that will help expedite the wind down of Fannie Mae and Freddie Mac, make sure that every dollar of earnings each firm generates is used to benefit taxpayers, and support the continued flow of mortgage credit during a responsible transition to a reformed housing finance market.