Fannie, Freddie Regulator Defends Huge Bonuses

[OhioChick]

Source: Reuters

Published: Thursday, 10 Nov 2011 | 12:36 PM ET

The regulator for Fannie Mae and Freddie Mac on Thursday defended their million-dollar executive bonuses which have come under fire given huge losses at the government-owned mortgage firms.

Federal Housing Finance Agency's acting director Edward DeMarco said in a Nov. 10 letter to U.S. lawmakers the salaries and deferred compensation awarded to executives are necessary if the firms are to attract and keep talent required to run operations effectively.

Slammed by losses from the precarious U.S. housing market, Fannie and Freddie have requested new aid on top of hundreds of billions of dollars in government support propping them up, raising questions about the bonuses.

DeMarco was responding to a bipartisan group of 60 U.S. senators that wrote last week and demanded changes to the executive compensation practices that were put in place two years ago.

Read more: http://www.cnbc.com/id/45242051

[apnu]

1. That's the same line of bullshit the banks used when they paid bonuses out of TARP funds.

Assholes.

[Booster]

2. Yeah, but we have to keep our eyes on those greedy

teachers, firefighters, etc. That's where the REAL money is being taken.

[Daphnie]

3. What talent?!

These people are incompetent!

[exboyfil]

4. If they were doing their job they should be going through

the portfolio of the assets which are costing them the most and see if any rules were violated when they received them from the private banks. Go after those who violated the rules to get dollars back.

Of course since the banks are being protected in all this - this will not happen.

[Javaman]

5. Fannie Mae taps $7.8 billion from Treasury, loss widens

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x2276720

no end to the crime spree folks, they laugh at us.

[sarcasmo]

6. No more money from the taxpayers you greedy fuckers.

[defendandprotect]

7. ALL of their "executives" should be fired --!! Bonuses? What garbage -- !!

And if we don't want more of this garbage we had better be working on getting rid of

the executives in government who have been allowing this corruption!

Could only happen with long term collusion between the parties.