Skip to main content

Rep. Royce Introduces Legislation to Cap GSE Executive Pay

NationalMortgageProfessional.com
May 08, 2015

U.S. Rep. Ed Royce (R-CA) has introduced HR 2243, the Equity in Government Compensation Act of 2015, to suspend the 2015 compensation packages for executives of Fannie Mae and Freddie Mac in light of Federal Housing Finance Agency (FHFA) Director Mel Watt directing the GSEs to submit proposed executive compensation plans for the position of Chief Executive Officer that may be as high as the 25th percentile of the market, or approximately$7.26 million a year:

“I'm deeply disappointed with Director Watt's decision to open the door to multi-million dollar salaries at the GSEs, which continue to be propped up by taxpayers. It's imperative that we reform and wind down the failed duopoly of Fannie and Freddie before their model of public losses and private gains once again places taxpayers at risk."

Rep. Royce is a senior member of the House Financial Services Committee with membership on both the Capital Markets and Government Sponsored Enterprises Subcommittee and the Housing and Insurance Subcommittee.

“At a time when American families are still struggling to find their footing financially, it is absolutely unconscionable that regulators would allow the taxpayer-bailed out Freddie Mac to pay its CEO over $7 million dollars a year. Just last week a stress test of the GSEs showed the possibility of a future taxpayer bailout to the tune of $150 billion, yet FHFA appears to be pursuing the pre-crisis model of private gains and public losses," said Rep. Royce. "We can't simply put the blinders on and say the GSEs are just like other companies. We need to move towards a model that allows the private sector to compete on a level-playing field, not one where Fannie and Freddie act like the private corporations with taxpayers on the hook for losses."

Published
May 08, 2015
Feds Reviewing Appraisal Standards, Qualifications

Appraisal Subcommittee said requirements are being reviewed to determine whether they ensure and promote fairness, equity, objectivity, and diversity, in both appraisals and in the training and credentialing of appraisers.

Regulation and Compliance
Oct 20, 2021
​​​​​​​FHFA OK's Desktop Appraisals, Expands Refi Criteria

The Federal Housing Finance Agency (FHFA) said Monday it will take two steps to help make home ownership more affordable and sustainable for mortgage borrowers, especially for those in underserved communities. 

Regulation and Compliance
Oct 19, 2021
CFPB Names 4 To Key Senior Positions

The appointees include two who helped create the bureau and two who served on the CFPB staff during the Obama administration.

Regulation and Compliance
Oct 14, 2021
FHFA Raises Enterprises' Multifamily Loan Purchase Caps

The Federal Housing Finance Agency (FHFA) said the 2022 multifamily loan purchase caps will be $78 billion for each Enterprise, for a combined total of $156 billion to support the multifamily market.

Regulation and Compliance
Oct 13, 2021
CFPB Hits AAG With Complaint For Deceptive Marketing Of Reverse Mortgages

The Consumer Financial Protection Bureau filed a complaint and proposed consent order, which alleges that American Advisors Group (AAG) used inflated and deceptive home estimates to attract reverse mortgage consumers.

Regulation and Compliance
Oct 12, 2021
Waterstone Mortgage Names VP Of Compliance

Waterstone Mortgage Corporation named Kris Barros as the company's vice president of compliance.

Community
Oct 08, 2021