Wow, look at the size of their gift!
"A $400b bailout and counting; Talks could boost Fannie, Freddie" by Dawn Kopecki, Bloomberg News | December 16, 2009
WASHINGTON - Fannie Mae and Freddie Mac’s federal regulator is renegotiating the companies’ financing plan with the Treasury Department and could seek an increase to their $400 billion federal lifeline before the end of the year, according to people familiar with the talks.
Yeah, that is where you are getting it, America: right in the fannie!!!
Treasury and Federal Housing Finance Agency officials are also debating whether to lower the mortgage-finance companies’ dividend payments on their Treasury borrowings, according to these people, who requested they not to be identified describing the internal deliberations.
Lowering the dividend payments means LESS MONEY RETURNED to YOU, taxpayers!!
Fannie Mae and Freddie Mac, the largest sources of mortgage money in the nation, have used $111.6 billion of their $400 billion in backup financing in less than a year. The companies say their 10 percent annual dividend payment, which comes to about $5 billion each, costs more than either have earned in most years and adds to their borrowing from the Treasury.
BORROWING MORE is NOT the ANSWER!!!
“A larger line, safest to be executed before year-end, would buy Washington the time necessary to address more pressing housing matters,’’ Jim Vogel, a debt analyst with FTN Financial in Memphis, said in a note to clients yesterday. Spokesmen for the housing finance agency, Treasury, Freddie Mac, and Fannie Mae declined to comment....
Meanwhile, the papers and government are telling the public the housing market is rebounding!
The Treasury and Federal Housing Finance Agency seized control of the mortgage-finance companies 16 months ago amid fears they were at risk of failing. Officials set up a $200 billion lifeline with the Treasury, which was doubled in May, to keep the companies solvent. If they exhaust that backstop, regulators would be required to place them into receivership. The Treasury Department is facing a Dec. 31 deadline to increase the $400 billion amount without congressional approval.
They'll get it.
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But don't worry, America, you are making out on the deal.
Also see:
Lying Looters Large and Small: The Fannie-Freddie Family
Goldman's Gets Tax Credit For Sticking It In America's Fannie
One Final Fannie F*** From the Boston Globe
Fannie Mae Exec Pulls Down $600,000 Paycheck
Republican Bribes Led to Fannie, Freddie Collapses
The Killing and Cover-Up of David Kellerman
Bailout Looters Didn't Pay Taxes
Yeah, despite the LOSSES the execs are in line for BIG BONUSES from YOUR BAILOUT, America!!!
WASHINGTON - Federal regulators plan to disclose today that the top executives of government controlled mortgage finance companies Fannie Mae and Freddie Mac each earned between $4 million and $6 million this year, two people briefed on the matter said.
The people, who declined to be identified because the disclosure was not yet public, said yesterday the pay packages were approved by the Treasury Department and the Federal Housing Finance Agency, which regulates Fannie and Freddie....
But they are LOOKING OUT FOR YOU, taxpayers!!!!
Salaries for executives at companies receiving taxpayer assistance have been a politically explosive issue, and the disclosure could provoke a new round of criticism of the government’s numerous bailouts. The pay packages for Fannie’s chief executive, Michael Williams, and Freddie chief executive Ed Haldeman are expected to be similar to each other and are to be paid in cash because the companies’ shares are nearly worthless....
Oh, so the COMPANY is WORTHLESS but the execs are still BILKING MILLIONS of TAXPAYER DOLLARS!!
Freddie Mac hired Haldeman, a former chief executive of Putnam Investments in Boston, in July.
Related: MSM Xmas Gifts: Putnam Employees
At the time, the company disclosed his annual salary of $900,000 but did not disclose other incentive payments. Williams, formerly Fannie Mae’s chief operating officer, took over as chief executive after the first government-appointed chief executive, Herbert Allison, took a job at the Treasury. Williams earned a base salary of $676,000 last year.
How did you do last year, American?
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And that was a web pick-up, readers.
Look how the Globe treats the overcompensated thieves in my printed paper the next day?
"US removes $400b cap on aid to Fannie Mae, Freddie Mac" by J.W. Elphinstone, Associated Press | December 25, 2009
NEW YORK - The Treasury Department has removed the $400 billion financial cap on how much money it will provide to the beleaguered mortgage giants Fannie Mae and Freddie Mac, a step taken to keep the companies from failing.
I told you they would approve additional money -- and they did it on CHRISTMAS EVE when they thought you WOULD NOT NOTICE, readers!!
So far, taxpayers have shelled out $111 billion to the pair. Yesterday, Treasury officials said the cap would be replaced with a flexible formula. The goal is to ensure the two agencies can stand behind the billions of dollars in mortgage-backed securities they sell to investors. Fannie Mae and Freddie Mac provide vital liquidity to the mortgage industry by purchasing home loans from lenders and selling them to investors.
That is the EXACT SAME SHELL GAME that PUT US IN THIS MESS!!!
These looting organizations should be DISBANDED, America!
Together, they own or guarantee almost 31 million home loans worth about $5.5 trillion, or about half of all mortgages.
Translation: The TAXPAYER backs up their RISKY and DECEPTIVE PRACTICES!!
Without government aid, the firms would have gone broke, leaving millions of people unable to get a mortgage.
Says who?
The biggest headwind facing the housing recovery has been the rise in foreclosures amid high unemployment. The Treasury’s latest move could allow Fannie and Freddie to play a bigger role in restructuring mortgages for troubled borrowers.
Yeah, seeing as they screwed this all up let's GET THEM MORE INVOLVED!
That is the DEFINITION of INSANITY, America, and YOU ARE BEING LOOTED because of it!!!
The news follows the announcement Thursday that Fannie’s and Freddie’s chief executives could be paid as much as $6 million for 2009, despite the companies’ dismal performances this year.
Oh, look at how the Globe BURIED THAT in the middle of this piece in the middle of the business section!
Fannie’s CEO, Michael Williams, and Freddie CEO Charles “Ed’’ Haldeman Jr. each will receive $900,000 in salary, $3.1 million in deferred payments next year, and another $2 million if they meet certain performance goals, according to documents filed with the Securities and Exchange Commission.
Unreal! What "performance" goals could they possibly be talking about?
Ripping off taxpayers for another $400 billion?!!
The pay packages were approved by the Treasury Department and the Federal Housing Finance Agency, which regulates Fannie and Freddie.
But they are looking out for YOUR INTERESTS, taxpayers!!
That pay is far less than what their predecessors earned.
Oh, so that makes it all right, huh?
They are LOOTING LESS than the LAST GUY so it's all good!
Fannie CEO Daniel Mudd received $10.2 million in 2008, and Freddie CEO Richard Syron pocketed $13.1 million.
Yeah, looting when the times were better and no one was noticing!!!
Both were ousted when federal regulators seized the companies in September 2008. The federal government blocked exit packages for the pair worth up to $24 million.
There is that government you know and love, America!!
The chief executives’ pay could spark new criticism about government bailouts, but that may be unfounded, said Mark Borges, principal with management consulting firm Compensia.
Why is the criticism unfounded?
This guy get a chunk of change or something?
Fannie Mae and Freddie Mac declined to offer details on CEO performance goals. The Obama administration has yet to offer long-term plans for the companies.
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