‘The Obama administration pledged
Thursday to provide unlimited financial assistance to mortgage giants
Fannie Mae and Freddie Mac, an eleventh-hour move that allows the
government to exceed the current $400 billion cap on emergency aid
without seeking permission from a bailout-weary Congress. The
Christmas Eve announcement by the Treasury Department means that it can
continue to run the companies, which were seized last year, as arms of
the government for the rest of President Obama’s current term.
Fannie Mae and Freddie Mac disclosed
that they had received approval from their federal regulator to pay $42
million in Wall Street-style compensation packages to 12 top executives
for 2009. The compensation packages [include] up to $6 million each to
Fannie Mae and Freddie Mac’s chief executives.’
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