Let the GSEs Pay Us Back Act of 2015

To provide for the repayment of amounts borrowed by Fannie Mae and Freddie Mac from the Treasury of the United States, together with interest, over a 30-year period, and for other purposes. 1. Short title This Act may be cited as the Let the GSEs Pay Us Back Act of 2015 2. Repayment of Treasury borrowing The Secretary of the Treasury and each enterprise (acting through the conservator for the enterprise appointed pursuant to section 1367 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4617 (1) Termination of dividends That after such modification, any Senior Preferred Stock purchased under such Agreement by the Department of the Treasury shall not accrue further dividends. (2) Treatment of enterprise draws on Treasury That any amounts received, before or after such modification, during a single year by the enterprise as a draw on the commitment made by the Department of the Treasury under such an Agreement, shall be treated as a loan made by the Treasury to the enterprise that— (A) was originated on the date of the last such draw during such year; (B) has an original principal obligation in an amount equal to the aggregate amount of such draws; (C) has a term to maturity of 30 years; (D) has an annual interest rate of 5 percent for the entire term of the loan; (E) has terms that provide for full amortization of the loan over such term to maturity; and (F) shall be repaid by the enterprise in accordance with the amortization schedule established for the loan pursuant to subparagraph (E) of this paragraph, subject to paragraph (3). (3) Treatment of dividends paid That any dividends paid by the enterprise to the Department of the Treasury under the Senior Preferred Stock Agreement before such modification of such Agreement shall be treated as payments of principal and interest due under the loan referred to in paragraph (2), and shall be credited against payments due under the terms of such loan (in accordance with the amortization schedule established for such loan pursuant to paragraph (2)(E)), first to such loan having the earliest origination date that has not yet been fully repaid until such loan is repaid, and then to the next such loan having the next earliest origination date until such loan is repaid. 3. Definitions For purposes of this Act, the following definitions shall apply: (1) Enterprise The term enterprise 12 U.S.C. 4502 (2) Preferred stock purchase agreement The term Preferred Stock Purchase Agreement

Summary: Let the GSEs Pay Us Back Act of 2015 Directs the Secretary of the Treasury, the Federal National Mortgage Association (Fannie Mae) and any affiliate, and the Federal Home Loan Mortgage Corporation (Freddie Mac) and any affiliate (government sponsored enterprises or GSEs), with each GSE acting through an appointed conservator, to enter into an agreement that modifies the Preferred Stock Purchase Agreement for the GSE to provide that: (1) any Senior Preferred Stock purchased under the Agreement by the Treasury shall not accrue further dividends; and (2) any amounts received by the GSE, before or after the modification, during a single year as a draw upon the Treasury's commitment under the Agreement shall be treated as a loan by the Treasury to the GSE meeting specified criteria. Specifies as such criteria that this loan be treated as though originated on the date of the last such draw during that year, with: (1) an original principal obligation equal to the aggregate amount of such draws, (2) a 30-year term, (3) an annual interest rate of 5%, and (4) requirements for full amortization of the loan over the 30-year term. Requires the GSE to repay the loan in accordance with the amortization schedule established. Requires any dividends paid by the GSE to the Treasury under the Agreement before the modification to be treated as payments of principal and interest due under the loan, to be credited against payments due: (1) first to the loan with the earliest origination date that has not yet been fully repaid until it is repaid, and (2) then to the loan having the next earliest origination date until it is repaid.