Tate Zeigler (202-224-5972) or Kevin Bishop (864-250-1417)
WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today said he supports efforts prohibiting Fannie Mae and Freddie Mac executives from receiving millions in bonuses as long as the government-backed mortgage companies remain in federal conservatorship. A total of $12.79 million in bonuses was recently approved by the Federal Housing Finance Agency (FHFA).
“No one at Fannie Mae or Freddie Mac seems to understand that the mismanagement of these agencies put our whole nation’s economy at risk. Taxpayers have already spent billions of dollars subsidizing Fannie and Freddie’s very poor business decisions. Now is certainly not the time to be handing out million dollar bonuses.”
Fannie and Freddie have received nearly $170 billion in federal aid since 2008.