Did you see the latest report on the salaries paid to the heads of Freddie Mac and Fannie Mae in 2009 and 2010? You’re not going to believe this one.
“The heads of bailed-out mortgage finance giants Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) were paid fat salaries without proper written procedures or analysis, according to a report published by the Inspector General of the Federal Housing Finance Agency (FHFA-OIG). Also, the housing regulator Federal Housing Finance Agency (FHFA) has not considered the factors that might have possibly resulted in reduced executive compensation costs, the review report said.
The heads of Fannie Mae and Freddie Mac were paid a total of $17.1 million in 2009 and 2010 — the two full years of government ownership. The top six executives at the housing giants were paid $35.4 million over the two years, according to the report that was posted on the agency’s website.
Read more here.