Bill on Obama’s desk overrides pay hike for CEOs of mortgage giants Fannie Mae and Freddie Mac – The Orange County Register

Congress this week slashed the annual pay of the chief executive officers of mortgage giants Fannie Mae and Freddie Mac from $4 million to $600,000 in a bill it sent to President Barack Obama.

Rep. Edward Royce (R- Fullerton) introduced The Equity in Government Compensation Act in May, three days after Federal Housing Finance Agency (FHFA) Director Melvin Watt authorized a multimillion dollar pay boost for the two executives, eliminating an earlier cap of $600,000.

Watt had argued that the pay hike for Fannie Mae CEO Timothy Mayopoulos, a former Bank of America official, and Freddie Mac CEO Donald Layton, a former JPMorgan Chase

via Bill on Obama’s desk overrides pay hike for CEOs of mortgage giants Fannie Mae and Freddie Mac – The Orange County Register.

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