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Freddie Mac: Big Losses, Big Bailouts & Big Bonuses

RNC Communications - November 3, 2011

After Losses In The Third Quarter, Mortgage Giant Freddie Mac Is Requesting $6 Billion In Government Aid:

Freddie Mac Is Requesting $6 Billion In Government Aid. “Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter. Freddie Mac said Thursday that it lost $6 billion, or $1.86 per share, in the July-September quarter.” (Derek Kravitz, “Freddie Mac Reports Q3 Loss, Asks For $6B In Aid,” The Associated Press, 11/3/11)

  • “This Quarter's $6 Billion Request From Taxpayers Is The Largest Since April 2010.” (Derek Kravitz, “Freddie Mac Reports Q3 Loss, Asks For $6B In Aid,” The Associated Press, 11/3/11)

This Comes After It Was Revealed That Freddie Executives Received Millions In “Performance” Bonuses Which The White House Has “Remained Largely Silent About”:

Fannie And Freddie Executives Are Awarding Over $12 Million In Bonuses To Ten Executives For Meeting “Modest Performance Targets.” “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.” (Josh Boak and Joseph Williams, “Fannie Mae, Freddie Mac Executives Get Big Housing Bonuses,” Politico, 10/31/11)

The Bonuses Come After Fannie And Freddie Have Received Nearly $170 Billion In Taxpayer Aid. “The executives got the bonuses about two years after the federally backed mortgage giants received nearly $170 billion in taxpayer bailouts — and despite pledges by FHFA, the office tasked with keeping them solvent, that it would adjust the level of CEO-level pay after critics slammed huge compensation packages paid out to former Fannie Mae CEO Franklin Raines and others.” (Josh Boak and Joseph Williams, “Fannie Mae, Freddie Mac Executives Get Big Housing Bonuses,” Politico, 10/31/11)

  • Freddie Mac CEO Ed Haldeman Received A $2.3 Million Bonus On Top Of His $900,000 Salary. “Securities and Exchange Commission documents show that Ed Haldeman, who announced last week that he is stepping down as Freddie Mac’s CEO, received a base salary of $900,000 last year yet took home an additional $2.3 million in bonus pay.”  (Josh Boak and Joseph Williams, “Fannie Mae, Freddie Mac Executives Get Big Housing Bonuses,” Politico, 10/31/11)

“[T]he White House So Far Has Remained Largely Silent About Comparable Bonuses At Fannie Mae And Freddie Mac.” (Josh Boak and Joseph Williams, “Fannie Mae, Freddie Mac Executives Get Big Housing Bonuses,” Politico, 10/31/11)

  • Even Though Obama Was Troubled By Fannie And Freddie Handing Out “Multimillion-Dollar Severance Packages” To Top Executives, While On The Campaign Trail. OBAMA: “I've always said that any action with respect to Fannie Mae and Freddie Mac needs to put taxpayers first and can't under any circumstances bail out shareholders or senior management of that company -- those companies. As a consequence, I'm troubled by the news reports that the outgoing CEOs of Fannie and Freddie may be in line to receive multimillion-dollar severance packages as part of the Treasury plan.” (Senator Barack Obama, Press Conference, Riverside, OH, 9/9/08)

   

                       Watch Obama Attack Fannie And Freddie Bonuses In 2008


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