Fannie Mae and Freddie Mac execs get big bonuses. Nice Christmas gift from Unlce Obama

Note at the end of the articles it states
how this pay and bonuses are much less
than last year. That is supposed to make
us feel better?

"The mortgage lenders' regulator, the Federal Housing Finance Agency, defended the pay packages in a press release issued Thursday, noting that the compensation was "significantly reduced," from where it was before they were placed into conservatorship last year."






From Financial Times.com

US approves raises for Fannie, Freddie CEOs


The top US housing regulator said on Thursday it approved multimillion dollar pay packages for the chief executives of mortgage giants Fannie Mae and Freddie Mac.

Federal Housing Finance Agency Acting Director Edward DeMarco said he made the decision in consultation with the Treasury Department.

In filings with the Securities and Exchange Commission, the companies said Fannie Mae CEO Michael Williams and Freddie Mac CEO Charles Haldeman would each receive up to $6 million in total compensation for 2009.

Freddie Mac said the same figure would apply to the Haldeman’s pay package for 2010.

Fannie Mae and Freddie Mac, which play a role in funding three-fourths of all US residential mortgages, were seized by the US government and put into conservatorship in September 2008 at the peak of the credit crisis.

To continue playing that role in the US mortgage market, Fannie and Freddie must ”attract and retain the talent needed to accomplish these objectives,” DeMarco said.



http://www.ft.com/cms/s/0/b4f6104c-f0a4-11de-839a-00144feab49a.html?nclick_check=1


Here is another article from the Street.com

NEW YORK (TheStreet) -- The top executives at Fannie Mae (FNM Quote)and Freddie Mac (FRE Quote) will each earn between $4 million and $6 million in 2009, according to SEC filings Thursday.



Fannie, Freddie Execs In Line for Big PayA Scorecard for the Financials in 2009Fannie and Freddie Rally Hits a WallMarket Activity

WFC UPFannie Mae CEO Michael Williams and Freddie Mac CEO Charles Haldeman will each receive $900,000 in base salary, $3.1 million in deferred compensation, and up to $2 million each in incentive pay. A number of other top executives at both mortgage lenders will also receive compensation in the millions.

The companies are among the top recipients of government bailout money, along with AIG (AIG Quote) and General Motors. Citigroup (C Quote), Bank of America and Wells Fargo (WFC Quote), also among the largest recipients, recently paid back the money they owed the Treasury.

John Mack, CEO and Chairman of Morgan Stanley (MS Quote), another big bailout recipient that paid back the Treasury earlier this year, recently said he would forgo a bonus for a third straight year. Ken Lewis, outgoing CEO of Bank of America, also will not receive a 2009 bonus, following the recommendation of Treasury "pay czar" Ken Feinberg. Feinberg has no authority over Freddie or Fannie.

The mortgage lenders' regulator, the Federal Housing Finance Agency, defended the pay packages in a press release issued Thursday, noting that the compensation was "significantly reduced," from where it was before they were placed into conservatorship last year.