here-it-comesFannie Mae, following AIG’s suit is now planing to give bonuses to top execs despite doing an abysmal job.

Fannie Mae, in an effort to keep hundreds of employees from leaving the government-controlled company, is planing to pay retention bonuses at a minimum of at least 1 million dollars to four “key” executives.

Freddie Mac is also planing disbursing similar awards but has yet to report which executive will be the recipients.

These two companies hold or back more than 50% of the mortgages in this country. Now for the kicker, these two companies requested a grand total of 60 billion dollars in federal assistance to keep them solvent. With Freddie Mac requesting 45 billion dollars and Fannie Mae requesting 15 billion.

It is outrageous enough that the very people who drove these companies into the ground are still even employed at their respective companies but now to reward them for preforming poorly is pure lunacy. I for one do not buy the statements made that these bonuses are contracts and must be honored. Congress just gave judges the authority to essentially re-write mortgages, decreasing not only the interest charged on the loan but the ability to decrease the actual principal amount. Now I ask you is a mortgage note a contract or is in not??

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