Freddie Mac dividend payments to the treasury

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So with the payments in September, Freddie Mac will have paid out $16.8 Billion more to the US Treasury than it received in bailout funds. If you combine that with what Fannie Mae will have paid after September's dividend, that puts the federal government's profits at a combined $31 Billion for their housing bailout.

http://www.usatoday.com/story/money/business/2014/08/07/fannie-mae-freddie-mac-earnings/13714287/

The Treasury is technically using its own money to pay itself back. The conservatorship law requires all profits to be turned over to the Treasury, because it owns, and takes the present business risk. So the money being used to "repay" the loans -- already belongs to the Treasury.

The treasury does not own Freddie or Fannie, so it is not the treasury paying the treasury. It is Freddie and Fannie giving its profits to the tresury. And they are not part of the federal government (a common misconception).

"Each GSE shall issue to the Treasury US$ 1 billion of senior preferred stock, with a 10% coupon, without cost to the Treasury. Also each GSE contracted to issue common stock warrants representing an ownership stake of 79.9%, at an exercise price of one-thousandth of a U.S. cent ($ 0.00001) per share, and with a warrant duration of twenty years".
http://en.wikipedia.org/wiki/Federal_ta ... reddie_Mac

The government "owns" the entities with stock and FHA regulatory control. Why do you say they don't own them, or are not part of the government ?

For the same reason that I say the government never owned GM.