Fannie Mae, Freddie Mac executives get big housing bonuses

[onpatrol98]

Fannie Mae, Freddie Mac executives get big housing bonuses

By JOSH BOAK & JOSEPH WILLIAMS | 10/31/11 11:32 PM EDT

The Obama administration’s efforts to fix the housing crisis may have fallen well short of helping millions of distressed mortgage holders, but they have led to seven-figure paydays for some top executives at troubled mortgage giants Fannie Mae and Freddie Mac.

The Federal Housing Finance Agency, the government regulator for Fannie and Freddie, approved $12.79 million in bonus pay after 10 executives from the two government-sponsored corporations last year met modest performance targets tied to modifying mortgages in jeopardy of foreclosure.

The executives got the bonuses about two years after the federally backed mortgage giants received nearly $170 billion in taxpayer bailouts — and despite pledges by FHFA, the office tasked with keeping them solvent, that it would adjust the level of CEO-level pay after critics slammed huge compensation packages paid out to former Fannie Mae CEO Franklin Raines and others.


http://www.politico.com/news/stories/1011/67292.html

[Marazinia]

1. Obama taking care of business as usual

No surprise here.

[enough]

2. Sickening. (nt)

[City Lights]

3. How nice for them!

I see the government has their priorities in order! Huge bonuses for modest performance targets.

Oh brother.