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Mycroft

Mycroft

Genius is where you find it.
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Fannie Mae, Freddie Mac executives get big housing bonuses

The Obama administration’s efforts to fix the housing crisis may have fallen well short of helping millions of distressed mortgage holders, but they have led to seven-figure paydays for some top executives at troubled mortgage giants Fannie Mae and Freddie Mac.

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.

read more at: Fannie Mae, Freddie Mac executives get big housing bonuses - Josh Boak and Joseph Williams - POLITICO.com
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Freddie Mac reports Q3 loss, asks for $6B in 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. That compares with a loss of $4.1 billion, or $1.25 a share, in the same quarter of 2010.

This quarter's $6 billion request from taxpayers is the largest since April 2010.

read more at: Freddie Mac reports Q3 loss, asks for $6B in aid - Yahoo! News
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It appears to me that the sooner the government gets out of the mortgage business...the better.
 
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Not going to hold my breath for the outrage over the bonuses.
 
You won't see any protests at the offices of Freddie Mac and Fannie Mae. Goverment: "It's not us, it's those damned rich folk".
 
Awesome, the exec's make millions for reworking the crappy loans they previously authorized, taxpayers are out over a hundred billion........where are the OWS loonies?
 
Samhain said:
Not going to hold my breath for the outrage over the bonuses.
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Yes, I do not understand. By all accounts the mortgage programs have been a failure but yet those implementing them get million dollar bonuses?
 
Can we call this "trickle UP" economics?
 
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