Pay at the mortgage-finance companies, which were seized by the U.S. in September 2008, added to debate over salaries for executives at companies dependent on government bailouts. Compensation must be sufficiently high to “attract and retain” top talent, their regulator, the Federal Housing Finance Agency, said in a statement.
Fannie Mae and Freddie Mac have tapped $111.6 billion in aid from the government, as the Obama administration made them the centerpiece of its efforts to revive the housing markets. The companies are “government agencies in all but name now,” making the pay excessive compared with that of federal officials, said Bert Ely, chief executive officer of Ely & Co.
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