The government said yesterday that it would forbid Fannie Mae and Freddie Mac from paying their fired CEOs their separation payments or “golden parachutes.” Experts estimate they were together up for $25 million. Political pressure had been mounting, with calls from both presidential candidates and other lawmakers to limit the departing execs’ compensation. Coupling this with the news about the Fed not bailing out Lehman Brothers means only one thing, we’ve entered the funnest part of the sub-prime aftermath, the punishment phase!
Feds Snip Fannie, Freddie Golden Parachutes
By Ben Popken September 15, 2008
- hustled Bank Of America Finally Ordered To Pay $1.27B For Countrywide’s “Hustle”
- free and clear Feds Give Up Trying To Hold Bank Of America Accountable For Countrywide’s “Hustle” Mortgage Scam
- the hustler Prosecutors May Seek Larger Penalty For Countrywide Exec Behind “Hustle” Scam
- less is mortgage You May Soon Need Less Of A Down-Payment To Buy A Home
- less is mortgage First-Time Homebuyers May Only Need 3% Down Payment, But It Won’t Be A Cakewalk