Issa Statement on Reduction of Executive Compensation at Fannie and Freddie
Washington, DC – House Oversight and Government Reform Committee Chairman Darrell Issa responded to the Federal Housing Finance Agency's (FHFA) announcement today limiting executive compensation at Fannie Mae and Freddie Mac in 2012.
In November, the Oversight Committee released a report on executive compensation and held a highly publicized hearing where FHFA’s Acting Director Edward DeMarco, Freddie Mac CEO Ed Haldeman and Fannie Mae CEO Michael Williams testified.
“I’m encouraged to see that FHFA took the Oversight Committee’s recommendation to reevaluate the bonus structure for these executives. Fannie and Freddie are government owned entities that have become more akin to policy tools for this Administration than real businesses. It is inappropriate for Fannie and Freddie executives to receive exorbitant pay that’s ultimately sponsored by taxpayers,” said Chairman Issa. “The Oversight Committee will continue to monitor Fannie and Freddie to safeguard taxpayer funds and press for a solution to begin moving the Federal government away from its outsized role in the mortgage business.”