WASHINGTON — The salaries of the 70 top Fannie Mae and Freddie Mac executives will be limited to $500,000 per year and their annual bonuses eliminated amid pressure from Congress to stop the big payouts.
The government rescued Fannie Mae, the Federal National Mortgage Association, and Freddie Mac, the Federal Home Loan Mortgage Corp., three years ago after they nearly folded because of big losses on risky mortgages.
The pay and bonus structure came under fire after it was revealed that 12 executives got $35.4 million in salary and bonuses in 2009 and 2010.
Read tomorrow's Arkansas Democrat-Gazette for full details.
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