Community | December 31, 2009 | Comment on this video (0)

U.S. Pledges Unlimited Funds to Fannie Mae, Freddie Mac

The_Global_Report
On Christmas Eve, the Obama administration pledged to provide unlimited financial assistance to mortgage giants Fannie Mae and Freddie Mac. The eleventh-hour move allows the government to exceed the current $400 billion cap on emergency aid without seeking permission from a bailout-weary Congress. As the administration was making this open-ended financial commitment, Fannie Mae and Freddie Mac disclosed that 12 top executives will receive $42 million in compensation packages. This includes up to $6 million each to Fannie Mae and Freddie Mac's chief executives.
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