Freddie Mac will send $746 million to the U.S. Treasury under the conservatorship plan that siphons off nearly all the government-sponsored enterprise’s net profit every quarter, but that’s not all the cash being milked from the GSE. During the first quarter of 2015, Freddie sent $219 million to Treasury under the 2011 law that squeezed the GSEs to pay for a continuation of a payroll tax cut for U.S. workers. The levy is 10 basis points of guaranty fee charged by Freddie and Fannie Mae, and it’s a steadily rising amount as a greater share of GSE business is subject to the charge. In the first quarter of last year, Freddie paid...