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Fannie Mae, Freddie Mac Executives Get Big Housing Bonuses
| 10/31/11 11:32 PM EDT
| JOSH BOAK & JOSEPH WILLIAMS
Posted on 11/01/2011 8:13:51 AM PDT by TexasCajun
The Obama administrations efforts to fix the housing crisis may have fallen well short of helping millions of distressed mortgage holders, but they have led to seven-figure paydays for some top executives at troubled mortgage giants Fannie Mae and Freddie Mac.
The Federal Housing Finance Agency, the government regulator for Fannie and Freddie, approved $12.79 million in bonus pay after 10 executives from the two government-sponsored corporations last year met modest performance targets tied to modifying mortgages in jeopardy of foreclosure.
The executives got the bonuses about two years after the federally backed mortgage giants received nearly $170 billion in taxpayer bailouts and despite pledges by FHFA, the office tasked with keeping them solvent, that it would adjust the level of CEO-level pay after critics slammed huge compensation packages paid out to former Fannie Mae CEO Franklin Raines and others.
(Excerpt) Read more at politico.com ...
TOPICS: Crime/Corruption; Government; News/Current Events
KEYWORDS: barney; broke; corruption; crime; davidgregory; davidgregoryswife; debt; fannie; freedie; fwank; nbccoverup; notaxes4ge
Sorry to have to post Politico, the only place I found this story.
$12.79 million in bonus pay after 10 executives from the two government-sponsored corporations last year met modest performance targets tied to modifying mortgages in jeopardy of foreclosure.
I'm sure those 10 executives singlehandedly modified those mortgages. And they want to raise my taxes?...
posted on 11/01/2011 8:16:18 AM PDT
(Legal Disclaimer: View my profile at your own risk)
Issa needs to investigate Barney Frank’s role, lack of oversight, etc.
posted on 11/01/2011 8:17:42 AM PDT
(Cogito, ergo...Sum Pro Vita. (Modified Decartes))
posted on 11/01/2011 8:17:55 AM PDT
Feel free to insert your Barney Frank joke here.
posted on 11/01/2011 8:21:28 AM PDT
bonuses which they will surely hand back to ayatollah obama in the form of campaign contributions...
posted on 11/01/2011 8:26:45 AM PDT
by God luvs America
(63.5million pay no federal income tax then vote demoKrat)
wonder why comrade obama and his buddies at occupy wall street aren’t concerned about these salaries and bonuses?
posted on 11/01/2011 8:29:00 AM PDT
We all know that Fannie and Freddy represent American Free Market Capitalism at it’s very finest.
I’ll just bet that those baddies at OWS will try to “capitalize” on this perfectly legitimate compensation for outstanding, not to mention brutally hard and exceedingly dangerous work.
no mention of previous fannie\freddie bonuses. people got rentention bonuses in 2009 in the midst of their own bailout (60 billion from the feds to try an stay solvent)...in the midst of the bonus outcry against the bailed out private finacial institutions.
Reuters via WSJ - 2009-04-09
...The bonuses for 7,600 employees were about $210 million over 18 months, the Wall Street Journal reported on its website, quoting a letter to Grassley from the director of the Federal Housing Finance Agency, which regulates the companies.
About $51 million in bonuses was paid in late 2008 and the rest is to be paid in 2009 and early 2010, the newspaper said, quoting the letter from James Lockhart.
The largest bonus for any individual will total $1.5 million, the newspaper said...
posted on 11/01/2011 9:35:00 AM PDT
(obama -> poster boy for Einstein's definition of insanity)
I’m about a third of the way through “Reckless Endangerment.” I highly recommend it. This is all just the way D.C. operates.
Did you see this?
Fox News’s Ed Henry asks about the Fannie/Freddie bonuses report — is the White House angry that top executives are still getting lots of money there? “The White House is not involved,” press secretary Jay Carney says.
“The White House does not have a role for assigning pay in this independent agency,” he says. (12:56 p.m.)
posted on 11/01/2011 10:23:40 AM PDT
(I miss my poochie... Tasha 2000~3/14/11)
There is some serious humor goin’ on ‘roun these parts! I doubt Issa will have anything to do with a “Bwaneee Fwank” probe, yuk!
and what about these “Big Bone-Us’es”?
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