Brown Slams Million Dollar Bonuses For Fannie, Freddie Executives

U.S. Senator Scott Brown joined a bipartisan letter to Edward DeMarco, acting director of the Federal Housing Finance Agency, asking that the executive compensation polices be reformed after ten executives at Fannie Mae and Freddie Mac received $12.79 million in bonus pay. Fannie Mae and Freddie Mac are Government Sponsored Enterprises and have received $141 billion in bailout funding from taxpayers. Senator Brown issued the following statement on the letter:

“The recent bonus payout to executives at Freddie Mac and Fannie Mae reflects incredibly poor judgment on the part of the Federal Housing Finance Agency. At a time when high unemployment is causing hardship for millions of American families and our country is facing a debt crisis at home and abroad, it’s hard to think of a more arrogant or out of touch action on the part of a government sponsored agency than handing out million dollar bonuses. Bottom line, this is gross misuse of taxpayer dollars, especially for agencies that have received over $140 billion in taxpayer-funded bailout payments. The compensation policies must be reformed immediately, and I look forward to reviewing Acting Director DeMarco’s progress in bringing the federal housing agencies back to reality.”

Here’s the letter that was sent.

Related posts:

1. Mortgage Remedies or Government Missteps? An Analysis of 2 New Federal Lending Proposals Designed to Boost the Housing Market
2. President Obama to Promote New Steps to Help Housing Woes; Senator Brown Offers his Support
3. Greece Suffers New Credit Downgrade
4. Regulation and the Economy
5. Vt. Senators Urge Quick Action On Disaster Money

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Posted by jcashman on Nov 14 2011. Filed under Politics. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry