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Fed Report: ‘Inadequate’ Government Oversight On Fannie, Freddie

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A federal report states that government oversight on Fannie Mae and Freddie Mac salaries is "inadequate." (Photo by Chip Somodevilla/Getty Images)

A federal report states that government oversight on Fannie Mae and Freddie Mac salaries is “inadequate.” (Photo by Chip Somodevilla/Getty Images)

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WASHINGTON (AP) — A government report finds median pay for nearly 2,000 senior managers at Fannie Mae and Freddie Mac exceeded $200,000 last year. The report also notes that the federal agency charged with overseeing the government-controlled mortgage giants did an inadequate job monitoring pay.

The inspector general for the Federal Housing Finance Agency issued the report Monday. It says 333 of the 2,000 senior managers are vice presidents who had median pay of $388,000. That’s close to salaries paid by private financial firms and exceeds pay for similar jobs at federal agencies.

Taxpayers so far have paid roughly $170 billion to bail out Fannie and Freddie since the 2008 financial crisis. Under pressure from Congress, the FHFA earlier this year capped pay for Fannie and Freddie’s CEOs at $500,000 a year.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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