Bonuses for GSE Heads Topic of Congressional Hearings

HousingWire reports that the heads of Fannie Mae and Freddie Mac will face questions from Congress regarding the bonuses they received last year. Fannie CEO Michael Williams and Freddie CEO Charles “Ed” Haldeman each earned a base salary of $900,000 but according to the Securities and Exchange Commission filings, received $2.3 million in bonuses. The top ten executives at both companies earned combined bonuses of almost $13 million while the two GSEs (government-sponsored enterprises) owe the Treasury Department $151.7 billion. Senate Banking Committee Chairman Tim Johnson (D-S.D.) has called a hearing for Federal Housing Finance Agency acting director Edward DeMarco to testify about approving the bonuses. Earlier, DeMarco has said the bonuses help retain talent at the GSEs.

(Graphic credit: FHFA)

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