Regulator Approves Heavy Pay Packages for Top Executives
The Wall Street Journal quoted unidentified people as saying that the top regulator for Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) may announce a pay package worth millions of dollars for top executives at these government-run mortgage-finance companies.
These compensation packages, expected to be around $4-$6 million, have been approved by the Federal Housing Finance Agency for FNM’s Chief Executive, Michael Williams, and FRE’s CEO, Charles Haldeman Jr. This announcement is set to result in another controversy concerning the government's role in propping up the FNM and FRE.
More than $100 billion in taxpayer money has been pumped into Fannie Mae and Freddie Mac to keep them from collapsing amid huge losses after home prices fell and mortgage defaults rose.
