Fannie, Freddie Chief Cautions Reps Against Pay Cuts

Law360, New York (February 25, 2010, 4:49 PM EST) -- An overseer of Fannie Mae and Freddie Mac warned congressmen Thursday against cutting compensation at the mortgage giants, saying a loss of talent at the two entities could jeopardize nascent recovery in the housing market.

Lawmakers at a U.S. House Financial Services Committee hearing questioned Edward DeMarco, acting director of the Federal Housing Finance Agency, as well as the general counsel for the Federal Reserve Board of Governors and the so-called pay czar overseeing Troubled Asset Relief Program fund recipients, over the appropriate means for handling...
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