The top U.S. housing regulator said on Thursday it approved 2009 pay packages of up to $6 million each for the chief executives of government-controlled mortgage giants Fannie Mae and Freddie Mac.
The approvals were part of a wider decision by the Federal Housing Finance Agency on executive salaries at both firms. FHFA Acting Director Edward DeMarco said, on average, executive pay at the companies had dropped 40 percent from where it stood before the government seized them last year.
To continue playing that role in the U.S. mortgage market, Fannie and Freddie must “attract and retain the talent needed to accomplish these objectives,” DeMarco said.
The announcement came less than 24 hours after the Obama administration’s pay czar, Kenneth Feinberg, approved millions of dollars in pay for top executives at GM and GMAC. Feinberg oversees compensation plans at firms receiving money from the government’s $700 billion financial rescue fund.
Because giving big pay and bonuses to people at GM & Co. and the corrupt clowns at Fannie and Freddie is a whole different thing from a company not full of union clowns and Obama friends getting big pay.