Fannie Mae and Freddie Mac CONTINUE to LOSE your money…

Here are some updates on Fannie Mae and Freddie Mac.  Here is my previous post.

“Fannie Mae, the biggest source of money for U.S. home loans, on Tuesday said it needed a further $7.8 billion in federal aid to stay afloat…”

“The government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter.”

That is NOT for the year!!!  That is for ONE QUARTER!!!  90 DAYS!!!

“Taxpayers have spent about $169 billion to rescue Fannie and Freddie.”

I understand that not everyone has heard about this situation and I understand that not everyone cares/is interested/understands the how/what/where/when/why we, as taxpayers, bailed them out.  But here is where I have a serious problem.  The “Executives” of these “companies” have been getting paid BONUSES for LOSING money!!  Here are links to articles from PBS, FoxNews, LATimes, and Business Week.  There are MANY others, just google bonus at fannie mae.  Also, I think I have shown that this is a NON PARTISAN issue.  I mean, if you do not think that PBS and Fox News are political opposites, then you can stop reading this blog and find somewhere else to get your information.  Thanks for your time.

“When Congress learned that 12 executives at Fannie and Freddie were paid some $35 million in salary and bonuses over the last two years, that was the last straw.”

“The total compensation for the top six executives at Fannie and Freddie for 2009 and 2010 was $35.4 million, with Williams and Haldeman receiving about half of that. Each of them could take home as much as $6 million apiece in salary and bonuses in 2011.”

“Edward J. DeMarco, chief regulator of the two firms, approved packages in 2009 that awarded a total of $17 million over two years to chief executive officers Michael J. Williams of Fannie Mae and Ed Haldeman of Freddie Mac.”

Bonuses??!!  For what??  ONLY losing $169 BILLION!!!  Can I have that “job”??  I’ll do it for half!! 

These numbers do NOT include the $100’s of MILLIONS or BILLIONS that were given to “executives” prior to 2009, when they were making these fraudulent loans that were a main contributing factor to the HOUSING CRASH that has caused the global economy to grind to a stop, sent unempoyment above 9%, and caused so much pain and suffering for Americans.  STILL, no one has gone to JAIL for this fiasco!!  I will leave you with the best quote from these articles, this question is directed at the CEO’s of Fannie and Freddie:

“REP. DARRELL ISSA, R-Calif., Oversight and Government Reform Committee chairman: You made $9.3 million the last two years while the president made $800,000. Do you think that’s — that’s OK?”

That is basically what I have said previously.  If you work for the Government, you do NOT “deserve” to earn more than the President!!  Any questions??

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