In June of 2014, Glen Bradford and I calculated that Freddie Mac was about $12 billion over-reserved for losses by comparing their loss reserves to Bank of America and Citigroup.

http://seekingalpha.com/article/2267953-fannie-mae-has-adequate-capital-to-be-released-from-conservatorship

Using a simple IRR calculation, I have determined that Freddie Mac can pay off the government by sending $11 billion to Treasury in March. This is based on the assumption that the contractual 10% interest on the Senior Preferred stock cannot be passed by the sweep amendment. $11 billion is the magic number that fully pays off the Sr. Preferred.

Freddie just announced earnings to be released over a week earlier than last year and a conference call with investors the same day. This is a significant change for SEC reporting. One would think a big announcement is coming.

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Fannie Mae can pay 10% IRR by sending $23 billion to Treasury and we calculated that they were about $29 billion over-reserved. If the assumptions on loss reserves are correct, this type of accounting item might be adjusted at year-end….