Senate votes to suspend Fannie Mae, Freddie Mac CEO pay

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Senate votes to suspend Fannie Mae, Freddie Mac CEO pay

Senate votes to suspend Fannie Mae, Freddie Mac CEO pay

Reuters-

The U.S. Senate on Tuesday unanimously approved legislation that would suspend the current compensation for the heads of the government-controlled mortgage finance companies Fannie Mae and Freddie Mac following the disclosure of huge pay raises for the officials.

On July 1, the two entities said that Fannie Mae CEO Timothy Mayopoulos and Freddie Mac head Donald Layton will earn $4 million annually, up from their previous salaries of $600,000.

 [REUTERS]

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