DeMarco Defends Executive Pay at Fannie Mae, Freddie Mac
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The chief regulator for Fannie Mae and Freddie Mac defended bonuses and salaries at the government-owned mortgage-finance companies, saying executive pay is at or below the median of similar enterprises.
“I need to ensure that the companies have people with the skills needed to manage the credit and interest rate risks of $5 trillion worth of mortgage assets and $1 trillion of annual new business the American taxpayer is supporting,” Edward J. DeMarco, acting director of the Federal Housing Finance Agency, said in a letter to lawmakers dated today.