MAY 2008
Fannie Mae raises $7 billion in preferred stock.

JUL 30, 2008
The Housing and Economic Recovery Act takes effect, creating FHFA and giving it the power to put the GSEs into either conservatorship or receivership.

SEP 6, 2008
FHFA places Fannie and Freddie into conservatorship.

SEP 7, 2008
Each GSE issues preferred stock to Treasury. Each can draw $100 billion from Treasury but will pay 10% dividends on the money drawn.

MAY 2009
The first amendment: Each GSE can now draw up to $200 billion.

DEC 24, 2009
The second amendment: Each GSE can draw more than $200 billion, capped by a formula.

SEP 15, 2009
FHFA director Edward DeMarco tells a House committee that the purpose of a conservator is to put GSEs in a "sound and solvent" condition.

JUN 2011
FHFA reaffirms its intent to "restore the [GSEs] to a sound financial condition."

NOV 9, 2011
Senators Bob Corker and Mark Warner introduce a bill to unwind Fannie and Freddie.

MAY 2012
For the first quarter, both GSEs report profits for the first time since the crisis.

AUG 7-8, 2012
The GSEs announce second-quarter profits totaling $8 billion.

AUG 17, 2012
The third amendment: Each GSE will pay every dollar of profit to the Treasury in perpetuity.

MAY 2012
Fairholme Funds begins buying Fannie and Freddie preferred stock.

JUL 2013
Fairholme Funds and Perry Capital sue to invalidate the third amendment.

FEB 2014
U.S. Court of Federal Claims Judge Margaret Sweeney permits plaintiffs to take discovery on the government's reasons for the third amendment.

SEP 30, 2014
U.S. District Judge Royce C. Lamberth dismisses five cases, finding that the third amendment was lawful and not a taking.

OCT 19, 2015
Obama administration officials reaffirm opposition to "recap and release" of Fannie and Freddie, squelching rumors.