Fannie, Freddie Execs Improperly Paid Big Bucks
Government hasn't been transparent enough, report complains
By Kevin Spak, Newser User
Posted Apr 1, 2011 9:38 AM CDT
The headquarters of Fannie Mae are seen October 21, 2010 in Washington, DC.   (Getty Images)

(Newser) – The federal government has improperly paid the CEOs of Fannie Mae and Freddie Mac huge salaries while the housing giants have been under government control, the Inspector General of the Federal Housing Finance Agency concludes in a new report. The CEOs were paid a total of $17.1 million in 2009 and 2010, the first two years of full government control, according to Reuters. The top six execs raked in $35.4 million during that time.

The report says that the FHFA never considered factors that could have reduced that payout, and paid the salaries without proper analysis. “FHFA does not provide sufficient transparency to the public,” the report complains, revealing that the FHFA has no written procedure for evaluating executive performance or compensation. Since 2008, the two mortgage giants have taken $130 billion in direct taxpayer aid.

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Showing 3 of 11 comments
Apr 1, 2011 12:57 PM CDT
Wow and the greedy teachers make how much?
Apr 1, 2011 11:58 AM CDT
Time to restore the middle class. No executive, who is a non-owner of an organization, should ever be compensated more then a million dollars. This is just theft from the defenseless middle class. Time to put a stop to executive class stealing from the workers. Domains Registered at come with a Free Email Account.
Apr 1, 2011 10:39 AM CDT
Obama wouldn't let this happen right? He's a Democrat, fighting for Democratic ideals, right? His appointees and advisors from Big Banks, Wall Street and the Fed are just 'the best of the best', right? I hope you guys can all see that THIS is the type of stuff illustrating the lack of actual difference in our two "diametrically opposed" parties. They're pitting social fears and ideologies of us Peasant Americans against each other (they actually call us 'Peasants' -it's documented). Stop arguing and get together to protest. Limited Government is useful in the right hands, but not in the hands of money-grubbing pig-whores like bankers and oil-families.