California Real Estate Fraud Report

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Conservator Says No to Fannie Mae and Freddie Mac Golden Parachutes

Finally, somebody with common sense is speaking and acting.

Rewarding executives for exceptional performance has been replaced with shoveling obscene amounts of cash into their bank accounts no matter how poorly their companies performed under their leadership. Angelo Mozilo of Countrywide Home Loans is a perfect example of someone who has been overly rewarded for greedy and inept management at the costs of thousands of homes and jobs.

News that former CEOs Daniel Mudd (Fannie Mae) and Richard Syron (Freddie Mac) would be receiving multi-millions of dollars for guiding the financial giants has been greeted with outrage by taxpayers.

On September 14, the conservator appointed to administer the affairs of Freddie and Fannie Mae press release summarizing the FHFA’s (Federal Housing and Finance Authority) decision that “‘golden parachute‘ payments contemplated under (the executive’s) contracts would not be paid. The Agency, serving as conservator, determined that under applicable statute and regulation, the Enterprises should not make such payments to these individuals and directed the Enterprises accordingly.”

Read the Full Article in Mortgage News Daily.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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