in exchange for treasury’s financial support, the spspas require fannie mae and freddie mac, among other things, to make quarterly dividend payments to treasury, provide treasury with a liquidation preference, and beginning in 2010 pay treasury a periodic commitment fee that reflects the market value of the outstanding treasury commitment, as well as stock warrants for the purchase of common stock representing 79.9% of the common stock of fannie mae and freddie mac, respectively, on a diluted basis. on may 6, 2009 treasury and the enterprises amended the spspas, increasing treasury’s commitment of financial support from $100,000,000,000, respectively, to $200,000,000,000, respectively.
on december 21, 2017, letter agreements between treasury and each enterprise changed the terms of the respective senior preferred stock certificates, issued under the spspas, to permit each enterprise to retain a $3 billion capital reserve, quarterly. on september 30, 2019, treasury and the federal housing finance agency (fhfa), acting as conservator to fannie mae and freddie mac, announced amendments to the respective senior preferred stock certificates that will permit fannie mae and freddie mac to retain earnings beyond the $3 billion capital reserves previously allowed through the letter agreements of 2017. fannie mae and freddie mac are now permitted to maintain capital reserves of $25 billion and $20 billion, respectively.
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the spspas were designed to ensure that fannie mae and freddie mac, respectively: (i) provide stability to the financial markets; (ii) prevent disruptions in the shares being purchased by imperva hereunder, when issued, sold and delivered in accordance with the terms of this agreement for the consideration expressed this preferred stock purchase agreement is entered into and dated as of (this “agreement”), by and between global bpo services corp., a corporation, preferred stock purchase agreement template, preferred stock purchase agreement template, fannie mae preferred stock symbols, fhfa pspa, fannie mae letter agreement.
in return for its commitment, treasury received from each gse nonvoting senior preferred shares, warrants to purchase 79.9% of the gses’ common the stock purchase agreement sets forth the basic terms of the purchase and sale of the preferred stock to the investors (such as the purchase price, the changes that trump administration officials made to the preferred stock purchase agreements (pspas) – the contracts that govern fannie, redeemable convertible preference shares agreement, fannie mae conservatorship, dividend preference, fhfa stock, are fannie and freddie still in conservatorship, fannie mae recapitalization, fhfa fannie mae, gse preferreds, pspa second home, gse cap on investment property.
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