The Wall Street Journal reports:
The top regulator for Fannie Mae and Freddie Mac is expected to announce millions of dollars in pay packages for top executives at the government-run mortgage-finance titans, people familiar with the matter said.The outrage continues. No word yet from former Freddie Mac board member Rahm Emanuel on this one.
The Federal Housing Finance Agency approved compensation plans for Fannie Chief Executive Michael Williams and Freddie CEO Charles Haldeman Jr. Those packages are expected to be in a range of $4 million to $6 million, people familiar with the matter said. The companies are expected to spell out pay details for their top executives in securities filings Thursday morning.
The Christmas Eve announcement is likely to provoke a fresh round of controversy concerning the federal government's role in propping up the two companies. Taxpayers have pumped more than $100 billion of capital into both firms to keep them from collapsing amid huge losses stemming from falling home prices and mortgage defaults.
Representatives of both Fannie and Freddie declined to comment Wednesday evening.
