Issa Releases Report on Fannie Mae and Freddie Mac Executive Compensation

November 16, 2011

Report examines Obama administration’s contradictory rhetoric on bonuses, $1.7 million non-performance based ‘signing bonus’ for Fannie executive

WASHINGTON, D.C. – House Oversight and Government Reform Committee Chairman Darrell Issa today released  a new report, “Government-Sponsored Moguls: Executive Compensation at Fannie Mae and Freddie Mac.” Highlights of the report include:

  • Assessments of controversial executive compensation decisions approved or allowed by the administration including the decision to award a $1.7 million non-performance based “signing bonus” to a recruited executive.
  • An examination of Obama Administration rhetoric on executive compensation for the private sector and decisions on compensation for Fannie Mae and Freddie Mac executives.
  • FHFA Inspector General criticisms of Fannie and Freddie executive compensation practices.

“While taxpayers are saddled with billions in losses, executives at Fannie Mae and Freddie Mac are being rewarded with millions for their efforts to pursue public policy goals of the Obama administration,” said Chairman Issa.  “This report examines and explains fundamental criticisms of executive compensation decisions for Fannie Mae and Freddie Mac – decisions made under an administration that excoriates private companies for big bonuses on the backs of taxpayers but looks the other way when our own federal entities heap cash on their executives for a job left undone.”

The Oversight and Government Reform Committee will hold a hearing at 10 AM in 2154 Rayburn House Office Building with the CEOs of Fannie Mae and Freddie Mac as well as the Federal Housing Finance Agency (FHFA) Director on executive compensation policies.

Click here for a copy of the report.

Click here for information about the hearing.

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