Graham Supports Stopping Fannie Mae and Freddie Mac Executive Bonuses
November 16, 2011
WASHINGTON, DC – November 16, 2011 – U.S. Senator Lindsey Graham(R-South Carolina) today said he supports efforts prohibiting Fannie Maeand Freddie Mac executives from receiving millions in bonuses as longas the government-backed mortgage companies remain in federalconservatorship. A total of $12.79 million in bonuses was recentlyapproved by the Federal Housing Finance Agency (FHFA).
“No one at Fannie Mae or Freddie Mac seems to understand that themismanagement of these agencies put our whole nation’s economy at risk. Taxpayers have already spent billions of dollars subsidizing Fannie andFreddie’s very poor business decisions. Now is certainly not the timeto be handing out million dollar bonuses.”
Fannie and Freddie have received nearly $170 billion in federal aid since 2008.
