“If $900,000 base salary isn’t enough to get someone qualified in that position, I don’t know what is. You don’t have to bonus them another $2.3 million — it just is too much especially when those two entities owe the American taxpayers so much money,” ~ Issa
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Fannie, Freddie CEOs Agree to Face Congress Over Bonuses
Fannie Mae CEO Michael Williams and Freddie MacCEO Charles “Ed” Haldeman agreed to face lawmakers Wednesday over bonuses they and their top executives were paid to manage the mortgage giants.
Last week, Rep. Darrell Issa (R-Calif.) organized a hearing over the issue and requested both CEOs make an appearance. A spokesman for Issa said Monday that both CEOs committed to testify at what should be a tense meeting.
In 2010, both Williams and Haldeman made a base salary of $900,000 to run the two companies that owe the Treasury Department $151.7 billion in dividend payments on their continued bailouts. But both men pulled in roughly $2.3 million in bonuses, according to filings with the Securities and Exchange Commission in February.
Full report from Housingwire here…
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Fannie Mae bought my house in April of 2011 from my lender. Owing on my house was $383,000 +, Fannie Mae bought it for $473,000 +. I was suppose to get the difference. I didn’t even get a letter saying I was or wasn’t and why.
Fannie Mae then sold my house to a private party for $269,000. In my opinion Fannie Mae gave my tax money to a bank that already received millions of my taxes to help me. Fannie Mae is only helping the banks.
Bloomberg news reporting the GSE’s will not be getting the bonuses….I would like to add…at least that we know of…I am sure their cohorts at the FED will take care of their little pets…
The American people have seen enough of this Kabuki Democracy crap.. CONGRESS is putting on another show and no one is falling for it…The fact that Fannie/Freddie’s CEO’s even have to ask for bonuses is laughable…..We all know what is really going on here is FASCISM…..
Freddie and Fannie can prop them up until Hell freezes over, if the investors or the public ever trust the banks again they will deserve what is taken from them, for their stupidity. Who are the banks and Freddie and Fannie and the government croanies trying to kid/ I know one investor that hopes we the people kick their Fannies.
Congress talks big but does nothing. They act to make people think they are on top of it but nothing is done. I am disheartened as I see OCCUPY fail in many places because I hoped they would formulate a party and action would be the result. When a movement FAILS it creates a situation that actually deflates a cause. The reason, the failure strengthens those targeted in that the negative aspects opposed are encouraged that nothing will expose or defeat them. This is exactly what is happening in the Robo-signing, fraudulent scandal in the banking industry. No action was taken, no criminal charges, no special prosecutor, not even Congressional hearings or even a public outcry against the banks’ fraud. No class action suits and the AGs are not much nearer meaningful action than they were six months ago.
So what do we have?
Lenders stepping up foreclosures, hard, in some areas. Escalated in October and November in Tennessee. In high default areas demand for REO cash sales by the rich and foreign investor is escalating. Investors are not pushing hard, no class actions on fraud.
Discouraging OCCUPY has not formed demands, developed leadership or shaped purpose. They may get lost in the holidays totally. Already taking backseat to election furor, their own inhouse problems and Penn State’s scandal. The problem in any movement is it has a slow beginning, builds to a peak, makes a splash in the news and then gets old or folds if it fails to evolve. Now intent is becoming muddled.
Where are we in this process? Dismantling Oakland’s protest, infighting, violance, murder, and dilution by homeless looking for a handout and company. The movement is changing and becoming an end to itself.
Not good for our purposes.
All this emboldens banks to ram through foreclosures unopposed. There is no one to stop. I think it is being done prior to Biden’s investigation, purposely.
Yesterday, NPR had a great show and story that may offer some encouragement. It encouraged people by showcasing the Walk Away people and the plight of underwater mortgage holders. This show featured a financial advisor who defaulted and walked away. People were encouraged to look at mortgage loans as contractural obligations and not moral ones and showed where recovery was possible after foreclosure. I personally think the problem will worsen but if the wealthy 1% have enough cash, many of the desirable REOs will be ‘given’ away for cash investment purposes.
The rich get richer and the poor, well you know the drill . . . . .
You guys have to look over me, not an enouraging outlook today.
If you make $900,000 then you make a good salary with that alone. Could it be that they are living beyond their means and need the bonuses to keep afloat? If these two guys can’t make Fannie and Freddie work with what they were given as bailouts, then they should resign. Not only that, why do they think deserve a bonus for running a business that is not producing a profit? No one bailed out my business. They made no effort to help homeowners who lost their homes to fraud, in fact they wanted the foreclosures done no matter what. Now we the taxpayers are suppose to fund their lifestyle? NO WAY.
Should be amusing. This is typical stagecraft from a process that it illegitimate. CEOs and F+F won’t be grilled by their best friends in Congress will they? This is a sick joke, your reps largely care less about fraudclosures, and much more about their “pay”.
I don’t get it they asking for bonuses when Money-Losing Fannie, Freddie Asked Taxpayers for $3.1 Billion More ?
OUTRAGEOUS! when is it going to stop? Both companies narrowed their losses from 2009’s final quarter, when Fannie Mae reported a shortfall of $16.3 billion and Freddie Mac lost $7.8 billion. Fannie Mae also reported a $21.7 billion loss for all of 2010, narrowed from a loss of $74.4 billion the year before. Freddie Mac’s loss last year was $19.8 billion. mmm…. when you are losing money in the company you get rewarded with bonuses?? what a scam !
Before the world went cockeyed, business leaders got bonuses (sometimes) when they led their entities to increased PROFITS. Thanks to the TBTF, Wall Street & the other Banksters, now these leaders feel ENTITLED to rake in BIG BUCKS, even though their leadership has resulted in mega-losses for the companies they are in charge of. Where has INCENTIVE PAY gone? Personally, I think that $900,000/yr is more than enough money to support one’s family. If these a$$h@le$ can’t effectively lead for $900,000/yr, I’m sure that there are 100,000 “normal” people who could do just as good a job or better for 1/2 that! It is sickening to continually see that it’s not WHAT you know, but WHO you know & can corrupt, that results in the big jobs & the bigger paydays. In the scheme of things, the Wall Street payscale is NOT NORMAL, is PERVERSE, is UNJUSTIFIABLE, and if you put people in responsible jobs who are demanding more pay so they can = the FantasyLand of Wall Street pay, you are STUPID! Whoever hired these guys needs to be FIRED themselves!
CONgress needs to get Ed DeMarco in on the grilling too. DeMarco is staunchly defending the bonuses for these two failed behemoths and their incompetent CEOs. Its rather laughable that a corrupt CONgress is pointing fingers at any one, especially after last night’s 60 Minutes expose. Should be entertaining to watch, but little to nothing will be done about it.