Bloomberg News

Senate Adopts Measure to Bar Fannie Mae, Freddie Mac Bonuses

February 02, 2012

Feb. 2 (Bloomberg) -- The U.S. Senate adopted an amendment to prohibit bonus payments for executives at government- controlled mortgage firms Fannie Mae and Freddie Mac.

The Senate adopted by voice vote an amendment to include the bonus ban in a measure currently under debate aimed at limiting conflicts of interest and expanding disclosure of investments made by lawmakers and their staffs.

Fannie Mae and Freddie Mac have cost U.S. taxpayers more than $150 billion in aid since 2008, when they were taken into conservatorship as they teetered on the brink of collapse after investing in risky mortgages.

To contact the reporter on this story: Phil Mattingly in Washington at pmattingly@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net


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