According to the New York Times, “Fannie Mae and Freddie Mac, the two troubled companies at the heart of the nation’s mortgage market, are set to pay their employees ‘retention bonuses’ totaling $210 million, despite calls from lawmakers to cancel the payments.”
The companies’ federal regulator, James B. Lockhart, revealed that 7,600 top managers and executives at Fannie Mae and Freddie Mac are scheduled to receive millions of your tax dollars because they are the “employees most critical to keep and difficult to replace.”
213 of these people partially responsible for the housing crisis are scheduled to receive retention bonuses worth more than $100,000 this year. The Times reports that one Freddie Mac executive will receive $1.3 million. These two government organizations are set to receive $400 billion from taxpayers to offset the huge losses they posted. Where’s the accountability?
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