FHFA Head Stands Up For Fannie, Freddie Execs' Pay

Law360, New York (November 10, 2011, 1:31 PM EST) -- The acting director of the Federal Housing Finance Agency on Thursday defended the compensation of Fannie Mae and Freddie Mac executives in response to criticism from lawmakers over the executives' alleged millions of dollars in bonuses.

Acting Director Edward DeMarco said in a letter to several senators that the agency had taken measures to reduce senior executive pay and implemented a new pay structure for the mortgage firms, which have been in conservatorship since 2008.

He further defended the payments by highlighting a need to retain...
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