Fannie, Freddie Execs Overpaid

Published by: Dave Simmons on 1st Apr 2011 | View all blogs by Dave Simmons
Fannie, Freddie Execs Overpaid

The US Inspector General of the Federal Housing Finance Agency issued a report Friday that showed chief executives at government-controlled mortgage giants Fannie Mae and Freddie Mac were given lucrative compensation deals without proper written procedures or analysis.  The heads of the two agencies were paid a combined $17.1 million over the last two years, the report said.

The report further showed that the top 6 executives at the two agencies made $35.4 million in the two years since the mortgage giants were placed under government conservatorship.  The report recommended that the FHFA implement a review and analysis process to determine compensation levels for top executives of the mortgage finance agencies.

Between them, Fannie and Freddie have received some $130 billion in direct federal aid since they almost collapsed in 2008, and officials have projected the total cost could reach $169 billion by late 2012 before the two agencies are able to begin repaying the bailout.

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