Thursday, December 24, 2009

How to Pay Federal Mortgage Guys

Makes sense to me, hey.

-- Fannie Mae Chief Executive Officer Michael Williams and Freddie Mac CEO Charles Haldeman Jr. are each eligible for compensation of as much as $6 million in 2009, the companies said today in regulatory filings.

Pay at the mortgage-finance companies that were seized by the government in September 2008 must be sufficiently high to “attract and retain” top talent, their regulator, the Federal Housing Finance Agency, said in a statement reflecting debate over salaries at companies receiving government support.

Umnnhhh, yah, "attract and retain." How about "attracting and retaining" (clawing back) the salaries, bonuses, stock-option gains, and pensions of the f*&^ing LOSERS who ran Fan/Fred since 2000 or so? ALL of it, not just some of it. Houses, cars, ALL of it.

Washington-based Fannie Mae, which has lost $120.5 billion over the last nine quarters, has requested $60.9 billion from the Treasury Department this year. McLean, Virginia-based Freddie Mac has tapped $50.7 billion in government capital since November 2008 and recorded $67.9 billion in cumulative losses over the last nine quarters amid a three-year housing slump.

And, by the way, what are the terms and conditions under which these folks earn a bonus?

No comments: