Thread: Fannie Mae, Freddie Mac executives get big housing bonuses

More waste, fraud, greed, cronyism and corruption within this regime...

The Obama administration’s efforts to fix the housing crisis may have fallen well short of helping millions of distressed mortgage holders, but they have led to seven-figure paydays for some top executives at troubled mortgage giants Fannie Mae and Freddie Mac. The Federal Housing Finance Agency, the government regulator for Fannie and Freddie, approved $12.79 million in bonus pay after 10 executives from the two government-sponsored corporations last year met modest performance targets tied to modifying mortgages in jeopardy of foreclosure.

More...

Fannie Mae, Freddie Mac executives get big housing bonuses
http://www.politico.com/news/stories/1011/67292.html

Occupy Fannie and Freddie!

Originally Posted by MolonLabe2009

More waste, fraud, greed, cronyism and corruption within this regime...



Fannie Mae, Freddie Mac executives get big housing bonuses
http://www.politico.com/news/stories/1011/67292.html

I wonder if the OWS crowd will have a problem with this?

Originally Posted by Brewskier

I wonder if the OWS crowd will have a problem with this?

Those dolts are too busy smoking dubies and singing kumbaya in some random park. They wouldn't even know what Fannie Mae and Freddie Mac are.

out freaking rageous!

Originally Posted by MolonLabe2009

More waste, fraud, greed, cronyism and corruption within this regime...



Fannie Mae, Freddie Mac executives get big housing bonuses
http://www.politico.com/news/stories/1011/67292.html

but but but they deserve millions of dollars !!!

Look what an awesome job they did destroying the world wide economy in an effort to make Whitey Pay !!!!

Par for the course in America today. Whether it's 52 trophies for the losing kids football team, or bonuses for Fannie and Freddie...seems the same message.

Reward failure.

We need Gallows, ASAP

History repeats itself.........

Let's recall one of the first Democrats to ransack Fannie Mae..... Franklin Raines. He cooked the books of Fannie......made over $ 90 Million dollars........and ended up settling with SEC for a paltry $2 million.

He served in the Carter Administration as associate director for economics and government in the Office of Management and Budget and assistant director of the White House Domestic Policy Staff from 1977 to 1979. Then he joined Lazard Freres and Co., where he worked for 11 years and became a general partner. In 1991 he became Fannie's Mae's Vice Chairman, a post he left in 1996 in order to join the Clinton Administration as the Director of the U.S. Office of Management and Budget, where he served until 1998. In 1999, he returned to Fannie Mae as CEO, "the first black man to head a Fortune 500 company."

On December 21, 2004 Raines accepted what he called "early retirement" from his position as CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. He is accused by The Office of Federal Housing Enterprise Oversight (OFHEO), the regulating body of Fannie Mae, of abetting widespread accounting errors, which included the shifting of losses so senior executives, such as himself, could earn large bonuses.

http://en.wikipedia.org/wiki/Franklin_Raines

There were many moments of high entertainment during last week's House hearings on Fannie Mae's creative accounting. But our favorite was the Mister Magoo performance given by Barney Frank (D., Massachusetts) after learning that Fannie had handed out $245 million in bonuses over five years. Mr. Frank chided Fannie CEO Frank Raines and CFO Tim Howard, saying, "At the level of compensation you get, we ought to be able to count on you to do your very best without additional incentives."

Maxine Waters (D., California) cooed all over Mr. Raines, and Clay Lacy (D., Missouri) played the race card by calling the hearings a "political lynching" of Mr. Raines, who is African-American. Are CEOs not supposed to be accountable simply because they're persons of color? By the way, Roger Barnes, the whistle-blower who was fired by Fannie after complaining about its accounting procedures, is also black....

http://online.wsj.com/article/SB1097...Tabs%3Darticle

Fannie Mae Ex-Officials Settle

A legal settlement with federal regulators requires former senior executives of Fannie Mae, including former Chief Executive Franklin Raines, to donate about $2 million to charities and give up stock options that may turn out to be worthless.

The settlement, announced Friday, brings the government far less than it had originally sought over alleged violations of accounting rules.

http://online.wsj.com/article/SB120854060874726801.html