Fannie Mae and Freddie Mac shareholders have not asked for an extra $25 billion to be returned to the two companies.

Judged as of 2026-03-22. True if, as of that date, there is no documented demand from Fannie Mae or Freddie Mac shareholders (litigation, formal proposals, public demands by organised shareholder groups) asking for the extra ~$25 billion in question to be returned to the companies. Mostly true if only isolated, trivial individual remarks exist while no shareholder group or litigant made such a request. Mixed if some notable shareholders or groups made the request while most did not. Mostly false if significant shareholders, litigants or shareholder groups did ask for that money or its equivalent to be returned, but the claim distorts the scope or nature of the request. False if shareholders, for example through lawsuits or formal public demands, explicitly sought return of that $25 billion to the companies before the date.

Set before the research began.

1. E1 In Re: Fannie mae/freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations United States District Court for the District of Columbia (CourtListener) · 14 March 2025

   “The Court ruled that Plaintiffs were not permitted to seek damages based on a theory of lost dividends or based on a theory of restitution, but that Plaintiffs were entitled to seek damages based on a “lost-value” theory: that the Net Worth Sweep caused Plaintiffs’ shares”

2. E2 Jury awards $612 million to Fannie and Freddie shareholders American Banker · 15 August 2023

   “The jury awarded the shareholders more than $600 million of damages.”

3. E3 Bill Ackman on Treasury's Fannie/Freddie Deal: 'Now That You Have Time, Mr. President, Let's Stop the Steal!' Yahoo Finance · 23 March 2026

   “He argued Treasury can keep or return the extra $25 billion, but the government should eliminate the senior preferred liability by crediting the payments already made.”

4. E4 Pershing Square's Ackman: Don't Privatize Fannie and Freddie Yet Multi-Housing News · 18 November 2025

   “Ackman stated that Fannie and Freddie have already paid back their SPS with 10 percent interest, and that an additional $25 billion in capital came out of the company through the net worth sweep in 2012, when all of their proceeds were ordered to be paid to the Treasury Department.”

5. E5 (none) CourtListener (U.S. District Court for the District of Columbia, Memorandum Opinion, Nos. 1:13-cv-1053-RCL and 1:13-mc-1288-RCL)

   “Plaintiffs are holders of common stock of Freddie Mac and junior preferred stock of Fannie Mae and Freddie Mac.”

6. E6 (none) CourtListener (U.S. District Court for the District of Columbia, Memorandum Opinion, Nos. 1:13-cv-1053-RCL and 1:13-mc-1288-RCL)

   “The Court also rejected Plaintiffs’ request for restitution because such relief is barred under HERA and under relevant equitable principles.”

7. E7 (none) CourtListener (U.S. District Court for the District of Columbia, Memorandum Opinion, Nos. 1:13-cv-1053-RCL and 1:13-mc-1288-RCL)

   “Under the Net Worth Sweep, each GSE was required to pay Treasury the difference between its net worth and a predetermined capital reserve each year, with that capital reserve decreasing until it reached zero in 2018.”

8. E8 (none) CourtListener (U.S. District Court for the District of Columbia, Memorandum Opinion, Nos. 1:13-cv-1053-RCL and 1:13-mc-1288-RCL)

   “On August 14, 2023, a jury returned a verdict in favor of Plaintiffs, awarding a total of $612.4 million.”

9. E9 Bill Ackman, Michael Burry Warn Trump: Government Treatment Of Fannie & Freddie Threatens Entire Banking Sector—'Let's Stop The Steal' Benzinga · 23 March 2026

   “Ackman argued that Fannie Mae and Freddie Mac (F2) have fully repaid their $193 billion government bailout, plus an additional $25 billion.”

10. E10 Bill Ackman, Michael Burry Warn Trump: Government Treatment Of Fannie & Freddie Threatens Entire Banking Sector—'Let's Stop The Steal' Benzinga · 23 March 2026

    “He clarified that shareholders are not seeking a handout, but are simply asking the government to honor the original bailout terms and properly account for the $301 billion already repaid.”

11. E11 Perry Capital and Fairholme Capital Management sue US Treasury over Fannie and Freddie payments Euromoney · 10 July 2013

    “Fannie and Freddie shareholders have also filed a claim in the US Court of Federal Claims claiming $41 billion in damages from the Treasury.”

12. E12 UPDATE: Fannie & Freddie Investors Turn to Congress After S. Ct. Declines to Resurrect Their Legal Claims Congressional Research Service · 25 July 2018

    “Although plaintiffs likely will continue to pursue the claims that survived dismissal, the Supreme Court’s order denying review precludes the bulk of the shareholders’ claims.”

The court opinion shows that shareholder plaintiffs in the Net Worth Sweep class action asked for restitution, and the court rejected that request (E6, E1). However, the quoted material does not give the amount sought or say whether the money would go to the companies or to the shareholders, so it does not show a demand to return the extra ~$25 billion to Fannie Mae and Freddie Mac. The other items attribute the $25 billion figure to Ackman (E4, E9, E3) or describe shareholders asking for proper crediting of repayments rather than a return of the money (E10). The evidence neither confirms nor rules out a documented demand of the kind the criteria describe.