Parachutes Not So Golden For Fannie, Freddie CEOs

Law360, New York (September 16, 2008, 12:00 AM EDT) -- The Federal Housing Finance Agency has notified former Freddie Mac CEO Richard Syron and former Fannie Mae CEO Daniel Mudd that they will not receive over $12 million in “golden parachute” payments originally called for in their contracts.

According to the FHFA, Syron will lose about $10.3 million in severance payments but will keep a pension and 401(k) plan worth about $4 million. Mudd will lose about $2.3 million in severance payments but will keep a pension and 401(k) plan worth about $5.6 million.

“The agency,...
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