By the end of this quarter, Fannie and Freddie will have paid the government $203 billion, slightly more than the $187.5 billion they received from the Government in their 2008 bailout. But 2008 was six years ago. Had the government charged shareholders a very reasonable 10% interest on the loan, F&F would owe another $93 billion. So, let’s talk when F&F’s total payments to Uncle Sam total $281 billion.