Freddie and Fannie To Review CEO Salaries
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The Federal Housing Finance Agency, which oversees Freddie Mac and Fannie Mae,will allow the two companies to review the compensation of their chief executives, Donald Layton and Timothy Mayopoulos. Both CEOs last year earned $600K excluding bonuses, a pay level that some fear isn't competitive enough to attract and keep the best and the brightest. Freddie Mac representatives submitted a proposal to the FHFA saying a review would provide for "CEO retention; effective succession planning for the CEO position; and continuity.” Freddie, which received roughly $71.3B in federal support after the subprime crisis, recently said its 1Q15 profit plunged to $524M from the 1Q14's $4B.