Congress and America recently became aware of the exorbitant taxpayer-funded bonuses given to a hand full of Fannie Mae and Freddie Mac executives this past year. I find this outrageous and unacceptable. Fannie and Freddie have received approximately $170 billion in taxpayer money since their collapse in 2008. Due to mounting financial loss, the agencies are estimating they will need $14 billion more to stay afloat. Yet, in the midst of this continually dismal performance, their top executives have taken home more than $12 million in bonuses on top of the millions more in salaries and benefits.
Until these excessive payments are ended and the public trust is restored in the agencies, I've requested Treasury Secretary Timothy Geithner withhold all future payments to Fannie and Freddie. To read my full letter to Sec. Geithner, follow this link: http://marchant.house.gov/UploadedFiles/Letter_to_Geithner_on_Fannie_and_Freddie_Bonus.pdf
I am honored to represent the 24th District of Texas, and I appreciate your interest in my e-newsletter. Please contact my District or DC office with any further questions you may have or visit my website at www.marchant.house.gov.
Congressman Kenny Marchant