Lawmakers Move to Halt Fannie, Freddie Pay Raises

By Joe Light

The regulator of Fannie Mae and Freddie Mac earlier this month awarded the companies’ chief executives multimillion-dollar pay increases. Now, Congress is moving to take it all away.

On Wednesday, the House Financial Services Committee approved a bill that would limit the CEOs’ pay to $600,000 a year. That was the cap before Federal Housing Finance Agency Director Mel Watt earlier in July approved a $3.4 million raise for the current CEOs, Fannie Mae’s Timothy J. Mayopoulos and Freddie Mac’s Donald Layton. The $4 million pay packages included an annual base salary of $750,000 along with total possible deferred salary of $3.25 million.

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