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$6M each for Fannie and Freddie CEOs?
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]