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APRIL 3, 2009, 11:52 A.M. ET
Fannie, Freddie Set to Pay $210 Million in Retention Bonuses
In a compensation program that has drawn angry protests from politicians, Fannie Mae and Freddie Mac expect to pay about $210 million in retention bonuses to 7,600 employees over 18 months, according to a letter from the mortgage companies' regulator to Sen. Charles Grassley.
The maximum retention bonus for any individual executive under the plan will total $1.5 million during the 18 months ending in early 2010, according to the letter, which provides previously undisclosed details about the bonuses. The regulator, James Lockhart, director of the Federal Housing Finance Agency, said in a letter to the Iowa Republican senator that ...
I'm sure Rahm Emanuel played a role in this. You know, the former board member of freddie turned white house chief of staff?
And Barney slept with one of the higher ups. LOL! Can't wait to see him yelling for their heads! Woops.
I'm sure Rahm Emanuel played a role in this. You know, the former board member of freddie turned white house chief of staff?
And Barney slept with one of the higher ups. LOL! Can't wait to see him yelling for their heads! Woops.
higher ups? male or female?
...Unlike other aspects of his private life, Frank warms to the subject of his homosexuality, becomes softer and less irritable as he talks about it. He smiles and jokes and is generally more cordial.
He recently broke up with Herb Moses, whom he referred to as his "lover," after a relationship of more than 10 years. The two are still friends....
...He is still amused by the "spouse pin" issue. Congress distributes these pins for parking and other amenities, and Herb Moses had one. But "a bunch of right-wingers" demanded that Gingrich rescind the perk for Moses. Ultimately, Congress issued him a "domestic partner" card instead. "Herb may have the only domestic partner card. And his will expire in three weeks."...
...The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses "helped develop many of Fannie Maes affordable housing and home improvement lending programs."
Critics say such programs led to the mortgage meltdown that prompted last months government takeover of Fannie Mae and its financial cousin, Freddie Mac. The giant firms are blamed for spreading bad mortgages throughout the private financial sector.
Although Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants. In 1991, the year Moses was hired by Fannie, the Boston Globe reported that Frank pushed the agency to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively....
So will ACORN or another group harass them like the AIG guys? Will Congress tax them at 90% or publish their names & addresses?
Fannie, Freddie Set to Pay $210 Million in Retention Bonuses - WSJ.com
APRIL 3, 2009, 11:52 A.M. ET
Fannie, Freddie Set to Pay $210 Million in Retention Bonuses
In a compensation program that has drawn angry protests from politicians, Fannie Mae and Freddie Mac expect to pay about $210 million in retention bonuses to 7,600 employees over 18 months, according to a letter from the mortgage companies' regulator to Sen. Charles Grassley.
The maximum retention bonus for any individual executive under the plan will total $1.5 million during the 18 months ending in early 2010, according to the letter, which provides previously undisclosed details about the bonuses. The regulator, James Lockhart, director of the Federal Housing Finance Agency, said in a letter to the Iowa Republican senator that ...
Ehhhh nobody really cares about 210 million .......
Ehhhh nobody really cares about 210 million .......
but funny how their panties were in a twist over 160 million
