Fannie, Freddie Pay Needs More Scrutiny, Says Watchdog

Law360, New York (December 10, 2012, 2:34 PM EST) -- The Federal Housing Finance Agency must do more to clamp down on potentially excessive pay for senior employees of troubled mortgage giants Fannie Mae and Freddie Mac, who earn a combined $550 million a year, a watchdog said Monday.

Although the FHFA has slashed CEO pay at Fannie and Freddie and taken steps to monitor compensation more closely for the government-sponsored enterprises’ top executives, similar oversight doesn’t exist for nonexecutive senior professionals at Fannie and Freddie such as vice presidents and directors, according to a report...
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