Government regulators approved the issuing of millions of dollars to top executives of Fannie Mae and Freddie Mac despite the fact that the government provided hundreds of billions of dollars to the mortgage lending institutions to keep the solvent. This revelation comes from a new report from March 31st by the Federal Housing Finance Agency.
The top six executives at the companies received $35.4 million over the two years. Since Fannie Mae and Freddie Mac were taken over in September 2008, the companies’ mounting mortgage losses have required a $153 billion infusion from taxpayers. Total losses may reach $363 billion through 2013, according to government estimates. – New York Times