Press Releases

Congressman Don Beyer reacted harshly to news that the CEOs of Fannie Mae and Freddie Mac would receive $4 million salaries, far above the $600,000 cap imposed on the lending giants after they were bailed out by the federal government:

 

"It is inexplicable that the government backed Fannie and Freddie want to raise their CEOs pay less than a decade after American taxpayers were forced to bail them out. These enterprises exist to streamline home ownership for Americans by broadening the mortgage market, not to fatten their executives’ wallets. Fannie and Freddie need to focus on the secondary mortgage market to continue driving our housing market, not their executive compensation."