Fannie Mae and Freddie Mac execs banked Wall Street-esque paychecks this year for meeting what Politico terms “modest performance targets” in modifying troubled mortgages. Ten top executives at the two firms received a combined $12.79 million in bonuses, agency records show, and that’s not counting a second 2010 bonus installment that hasn’t been reported yet. Those paydays are still down 40% from their 2008 heyday, but some lawmakers were still outraged.
“Fannie and Freddie executives are being paid millions to manage losses,” one Republican rep complains. “By these same standards, I should be the starting forward for the Lakers. It’s completely absurd." That’s not the only negative news out for Fannie today either; the Wall Street Journal reports that at least four of its employees have been suspended amid a federal inquiry into a deal they struck involving distressed debt on a multifamily home.