GSE Execs Get Bonuses; Senate Chagrined

NationalMortgageNews reports the Senate Banking Committee wants to know why government sponsored enterprise (GSE) executives are receiving millions of dollars in bonuses while the government is keeping the mortgage giants afloat. Since the Federal Housing Finance Agency (FHFA) took over the GSEs in Sept. 2008, the FHFA has propped them up to the tune of $169 million in assistance. “Earlier this week, it was reported that 10 executives at Fannie Mae and Freddie Mac were scheduled to receive bonuses totaling more than $12 million,” Senate Banking Committee chairman Tim Johnson, D-S.D., said Thursday morning. “Given the current economic times and continued challenges in the housing market, I want to assure my colleagues that I plan to call acting FHFA acting director Ed DeMarco before the Committee as soon as possible.” When asked about the bonuses, DeMarco noted the same compensation packages have been used since 2008, and that he has testified about this several times before Congress.

(Graphic credit: Wikipedia)

 

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