I 
114TH CONGRESS 
1ST SESSION H. R. 1036 
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. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 24, 2015 
Mr. CAPUANO introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Let the GSEs Pay 
Us Back Act of 2015’’. 
SEC. 2. REPAYMENT OF TREASURY BORROWING. 
The Secretary of the Treasury and each enterprise 
(acting through the conservator for the enterprise ap-
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pointed pursuant to section 1367 of the Federal Housing 
Enterprises Financial Safety and Soundness Act of 1992 
(12 U.S.C. 4617)) shall enter into an agreement that 
modifies the Preferred Stock Purchase Agreement for 
such enterprise to provide as follows: 
(1) TERMINATION OF DIVIDENDS.—That after 
such modification, any Senior Preferred Stock pur-
chased 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 per-
cent for the entire term of the loan; 
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(E) has terms that provide for full amorti-
zation of the loan over such term to maturity; 
and 
(F) shall be repaid by the enterprise in ac-
cordance with the amortization schedule estab-
lished 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 Depart-
ment 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 para-
graph (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. 
SEC. 3. DEFINITIONS. 
For purposes of this Act, the following definitions 
shall apply: 
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(1) ENTERPRISE.—The term ‘‘enterprise’’ has 
the meaning given such term in section 1303 of the 
Federal Housing Enterprises Financial Safety and 
Soundness Act of 1992 (12 U.S.C. 4502). 
(2) PREFERRED
STOCK
PURCHASE
AGREE-
MENT.—The term ‘‘Preferred Stock Purchase Agree-
ment’’ means, with respect to an enterprise, the 
Amended and Restated Senior Preferred Stock Pur-
chase Agreements, dated September 26, 2008, 
amended May 6, 2009, further amended December 
24, 2009, and further amended December 24, 2009 
(as such agreements may be further amended), be-
tween the United States Department of the Treas-
ury and such enterprise. 
Æ 
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