News Summary: Fannie Freddie mgrs median pay $200K
News Summary: Median pay for senior managers at Fannie, Freddie was more than $200K in 2012
REPORT ON PAY: A government report finds median pay for nearly 2,000 senior managers at government-controlled Fannie Mae and Freddie Mac exceeded $200,000 last year. Taxpayers so far have paid about $170 billion to rescue Fannie and Freddie, which almost collapsed from losses on risky mortgages during the financial crisis.
POOR MONITORING: The Federal Housing Finance Agency, which oversees the two mortgage giants, did an inadequate job monitoring pay, according to the report from the inspector general for the FHFA.
COMPENSATION COSTS: Compensation for senior managers at the companies, who represent nearly 17 percent of the workforce, cost about $455 million in 2011.
