$6M each for Fannie and Freddie CEOs?

New York /
Dec.December 24, 2009 10:01 AM

The CEOs at government-sponsored mortgage giants Fannie Mae and Freddie Mac stand to make as much as $6 million apiece in 2009, according to regulatory filings. That’s down 40 percent from executive pay at the companies prior to their seizure by the government in September 2008, according to a statement from the Federal Housing Finance Agency, their regulator. Still, the FHFA said compensation must remain high enough to “attract and retain top talent.” Fannie Mae has requested $60.9 billion in aid from the Treasury Department this year amid losses of $120.5 billion over the last nine quarters. Freddie Mac has received $50.7 billion in capital infusions from the government since last November and has lost $67.9 billion over the last nine quarters. Michael Williams of Fannie Mae and Charles Haldeman of Freddie Mac will each receive target incentive awards of $2 million and are eligible for $3.1 million in deferred salary, paid over time with approval from the companies’ boards and the Federal Housing Finance Agency, provided that the companies meet certain standards of performance. [Bloomberg]


Related Articles

arrow_forward_ios
Treasury Secretary Steven Mnuchin with Donald Trump. (Getty)
Treasury quits bid to privatize Fannie Mae, Freddie Mac
Treasury quits bid to privatize Fannie Mae, Freddie Mac
FHFA director Mark Calabria (Getty; iStock)
Federal housing agency extends forbearance options for multifamily landlords
Federal housing agency extends forbearance options for multifamily landlords
Future of Fannie, Freddie privatization is uncertain
Future of Fannie, Freddie privatization is uncertain
Future of Fannie, Freddie privatization is uncertain
(iStock)
Foreclosure filings are way down. There’s a reason
Foreclosure filings are way down. There’s a reason
How tough is Freddie when it comes to protecting landlords and tenants?
How tough is Freddie when it comes to protecting landlords and tenants?
How tough is Freddie when it comes to protecting landlords and tenants?
(iStock)
Banks required balloon payments, stayed mum on foreclosure moratorium
Banks required balloon payments, stayed mum on foreclosure moratorium
The rates for a 30-year fixed-rate mortgage dropped 7 percentage points for the week ending September 10, reaching 2.86 percent. (iStock)
Mortgage rates notch new low
Mortgage rates notch new low
FHFA Director Mark Calabria and PIMCO CEO Emmanuel Roman (Getty, iStock)
PIMCO warns of danger in Fannie, Freddie privatization
PIMCO warns of danger in Fannie, Freddie privatization
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...