Blasts return to “business as usual” as executives get pay raises from $600,000 to $4,000,000
WASHINGTON – July 2, 2015 – (RealEstateRama) — U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Banking Committee and Ranking Member of the Banking subcommittee overseeing the secondary mortgage market, released a statement after mortgage finance companies Freddie Mac and Fannie Mae disclosed today that their CEOs will each receive a raise of $3.4 million – bringing their total annual compensation to $4 million, up from $600,000 each of the last two years.
“This decision by the Federal Housing Finance Agency to dramatically boost the salaries for the CEOs of Fannie and Freddie would appear to signal a return to business as usual,” Sen. Warner said. “Taxpayers propped-up Fannie and Freddie with a nearly $190 billion bailout in 2009, and the Senate Banking Committee last year voted in support of bipartisan reforms to fundamentally restructure the federal role in mortgage finance. These extraordinary pay raises fly in the face of the legislative intent.”
Sen. Warner is a leader in efforts to reform the housing finance system. In 2014, with Sen. Bob Corker (R-TN), Sen. Warner sponsored comprehensive housing finance reform that passed the Banking Committee, 13-9.