Senate to look into GSE executive bonuses
The Senate Banking Committee will hold a hearing in the coming weeks over concerns about bonuses given to Fannie Mae and Freddie Mac executives. Earlier in the week, reports surfaced that 10 executives at the government-sponsored enterprises were scheduled to receive bonuses totaling more than $12 million combined. As of Sept. 30, the government-sponsored enterprises pulled $169 billion in bailouts from the Treasury Department. Committee Chair Sen. Tim Johnson (D-S.D.) said a he plans on calling Federal Housing Finance Agency Acting Director Edward DeMarco, the chief regulator for the GSEs, to testify. He said FHFA is directly responsible for approving compensation for executives and day-to-day operations at the mortgage giants. "This committee, the Congress and taxpayers need to be confident that those controls are in place and the conservator is upholding its responsibilities," Johnson said. Write to Jon Prior. Follow him on Twitter @JonAPrior.