Confidential To Grassley: We're Waiting

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In a compensation program that has drawn angry protests from politicians, Fannie Mae and Freddie Mac expect to pay about $210 million in retention bonuses to 7,600 employees over 18 months, according to a letter from the mortgage companies' regulator to Sen. Charles Grassley.
The maximum retention bonus for any individual executive under the plan will total $1.5 million during the 18 months ending in early 2010, according to the letter, which provides previously undisclosed details about the bonuses. The regulator, James Lockhart, director of the Federal Housing Finance Agency, said in a letter to the Iowa Republican that about $51 million of the payouts were made in late 2008 and that the rest are to be made this year and early in 2010.


Fannie, Freddie Provide Details on Retention Bonuses
[WSJ]
Related: Chuck Grassley Dead Serious About Wanting AIG Execs Dead

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