Posted on 11/01/2011 8:13:51 AM PDT by TexasCajun
The Obama administration’s 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 ...
Issa needs to investigate Barney Frank’s role, lack of oversight, etc.
Occupy Fannie?
Feel free to insert your Barney Frank joke here.
bonuses which they will surely hand back to ayatollah obama in the form of campaign contributions...
wonder why comrade obama and his buddies at occupy wall street aren’t concerned about these salaries and bonuses?
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.
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.)
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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