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Fannie Mae and Freddie Mac CEOs are expected to get multimillion-dollar increases to their paycheck approved by the GSE’s regulator, the Federal Housing Finance Agency, according to recent 8K Filings with the Securities and Exchange Commission. On June 29, 2015, the FHFA approved changes to the compensation of Fannie Mae’s CEO Timothy J. Mayopoulos, and Freddie Mac’s CEO Donald H. Layton. Both salary adjustments will go into effect on July 1, 2015.
The SEC outlined that Fannie Mae and Freddie Mac CEO’s direct compensation will consist of an annual base salary of $750,000, a fixed deferred salary at an annual rate of $2.05 million, and at-risk deferred salary with an annual target amount of $1.2 million, totaling $4 million. These amounts will be prorated for 2015 and both executives will have the same structure that applies to other executives within the GSEs.
The Consumer Financial Protection Bureau has issued a request for information regarding its consumer complaint database after going live with an enhanced version of the database last week. The Bureau reported as of June 1, 2015, it has handled more than 627,000 complaints from the time it opened its doors in July 2011, and about 28 percent of those complaints have been mortgage-related, making it the category with the largest share. The Bureau says it forwards the complaints to companies and works to get a response, typically within 15 days.
