Anyone else feeling butthurt?
(Newsmax) — Top executives at Fannie Mae and Freddie Mac were paid more than $35 million in the past two years while the two bailed-out mortgage finance giants were receiving $153 billion in support from taxpayers.
The huge payouts came to light in a new report published on Thursday by the Federal Housing Finance Agency’s Office of Inspector General.
“Although the Enterprises [Fannie Mae and Freddie Mac] have lost billions of dollars and continue to depend upon federal support to remain in business,” the reported states, “their senior executives continue to receive multi-million dollar salaries.”
At Fannie Mae [Federal National Mortgage Association], its chief executive officer received $9.3 million in total compensation in 2009 and 2010, the report reveals. The CEO is Michael J. Williams, who joined the company in 1991.
At Freddie Mac [Federal Home Loan Mortgage Association], CEO Charles E. Haldeman Jr., former head of Putnam Investments, made $7.8 million in the two years since the company was taken over by the federal government.
Fannie Mae’s chief financial officer made $4.6 million, and its chief accounting officer/general counsel received $4.5 million.
At Freddie Mac, the CFO made $3.9 million, and the general counsel/secretary received $5.1 million.
In all, the top six executives made $35.4 million. Meanwhile, total losses at the two companies could reach $363 billion through 2013, according to government estimates.