The GFC bailout terms for Fannie Mae and Freddie Mac had a higher interest rate and substantially more warrant coverage than those of every other financial institution except AIG.

Compare Fannie Mae and Freddie Mac's 2008 senior preferred stock terms (dividend rate and warrant for 79.9% of common stock) with the bailout terms given to other financial institutions in the financial crisis (TARP CPP, TIP for Citi and Bank of America, GMAC/Ally, and others). The claim has two parts: (a) a higher interest or dividend rate than every other institution except AIG; (b) substantially more warrant coverage than every other except AIG. TRUE: both parts hold against all other financial-institution recipients, and AIG's terms were similar. MOSTLY TRUE: both hold generally, with a minor exception (for example one recipient with an equal rate). MIXED: one part holds and the other does not. MOSTLY FALSE: both parts hold only against some recipients, or the gap is overstated. FALSE: other non-AIG institutions received equal or harsher terms on both measures.

Set before the research began.

1. E1 09-07-08 PSPA Fact Sheet - U.S. Department of the Treasury U.S. Department of the Treasury, Office of Public Affairs · 7 September 2008

   “The senior preferred stock shall accrue dividends at 10% per year. The rate shall increase to 12% if, in any quarter, the dividends are not paid in cash, until all accrued dividends have been paid in cash.”

2. E2 09-07-08 PSPA Fact Sheet - U.S. Department of the Treasury U.S. Department of the Treasury, Office of Public Affairs · 7 September 2008

   “Warrants for the purchase of common stock of each GSE representing 79.9% of the common stock of each GSE on a fully-diluted basis at a nominal price”

3. E3 Fannie Mae Form 10K for 2008 Annual Filing Fannie Mae (SEC Form 10-K for fiscal year 2008)

   “Under the terms of the senior preferred stock, we are required to pay Treasury a quarterly dividend of 10% per year on the aggregate liquidation preference of the senior preferred stock”

4. E4 Fannie Mae Form 10K for 2008 Annual Filing Fannie Mae (SEC Form 10-K for fiscal year 2008)

   “a warrant for the purchase of up to 79.9% of the total number of shares of our common stock outstanding on a fully diluted basis on the date of exercise, which is exercisable until September 7, 2028.”

5. E5 Treasury Announces TARP Capital Purchase Program Description U.S. Department of the Treasury · 14 October 2008

   “The senior preferred shares will pay a cumulative dividend rate of 5 percent per annum for the first five years and will reset to a rate of 9 percent per annum after year five.”

6. E6 Treasury Announces TARP Capital Purchase Program Description U.S. Department of the Treasury · 14 October 2008

   “In conjunction with the purchase of senior preferred shares, Treasury will receive warrants to purchase common stock with an aggregate market price equal to 15 percent of the senior preferred investment.”

The evidence shows that Fannie Mae and Freddie Mac paid a 10% dividend and gave warrants for 79.9% of their common stock [E1][E2]. It also shows that the standard TARP Capital Purchase Program terms were a 5% dividend rising to 9% and warrants worth 15% of the investment [E5][E6]. It does not give the terms for the other recipients the criteria name (Citi, Bank of America, GMAC/Ally) or for AIG, so it cannot show that the claim held against every other financial institution.