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News Summary: Fannie Freddie mgrs median pay $200K

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The Associated Press | December 10, 2012 05:43 PM EST | AP


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.