Thursday, July 30, 2015

FHFA Director Mel Watt Gets the Golden Fleece Award #WhatAWaste

Image credit: Shutterstock
by U.S. Rep. French Hill (AR-02): This morning, I sent a letter to the Director of the Federal Housing Finance Agency (FHFA), Mel Watt, congratulating his agency for winning the Golden Fleece Award for the month of July. FHFA received the award for its approval of approximately $4 million in raises for each of the CEOs of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac.

Since being placed in voluntary conservatorship by FHFA in 2008, Fannie Mae and Freddie Mac have received almost $200 billion in government assistance, by far the costliest taxpayer bailout resulting from the financial crisis. While STILL paying back this assistance, this month the Federal Housing Finance Agency gave approval to boost the salaries to $4 million of the CEOs of Fannie Mae and Freddie Mac. This is insane. The Treasury is opposed to it, President Obama is opposed to it, and this agency went ahead and did it anyway.

For that insanity they have received the Golden Fleece for July, 2015.

Tags: U.S. Representative, French Hill, Golden Fleece Award, Federal Housing Finance Agency, FHFA, July 2015 To share or post to your site, click on "Post Link". This site is an Outreach of the ARRA News Service.

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