Even the Occupy Movement and the Tea Party are strangely silent. Fannie and Freddie received 169 billion dollars in government bailouts after the mortgage crash. A crash many say they were involved in. It is projected that taxpayers may be on the hook for between 50 and 142 billion dollars more over the next few years.
Fannie and Freddie received bailouts. Their fat cat executives are getting obscene bonuses. Can anyone smell the stench of hypocrisy? Or do olfactory senses go dead when Fannie and Freddie are involved?
12.79 million dollars in bonuses will be doled out to ten executives. This cash cow was approved by the Federal Housing Finance Agency. FHFA is the government agency that regulates Fannie Mae and Freddie Mac.
The reasons for the bonuses? The ten executives were responsible for modest performance in mortgage modification to stem foreclosures. These ten executives will be paid over one million dollars each for mediocrity.
This goes unquestioned. Banks, investment houses, and insurers are on the firing line daily. Yet, Fannie and Freddie are not only absolved but rewarded. They share the rewards with their mediocre executives.
