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Fannie, Freddie CEO pay limited, bonuses cut

The government says it will cap pay for Fannie Mae and Freddie Mac chief executives at $500,000 per year and eliminate annual bonuses for all employees. The changes come after Congress pressured the government to stop big payouts at the bailed-out mortgage giants.

By Derek Kravitz | Updated on March 09, 2012

WASHINGTON (AP) — The government says it will cap pay for Fannie Mae and Freddie Mac chief executives at $500,000 per year and eliminate annual bonuses for all employees. The changes come after Congress pressured the government to stop big payouts at the bailed-out mortgage giants.

The Federal Housing Finance Agency, the government agency that oversees Fannie and Freddie, also said Friday that it would cut pay for roughly 50 other executives at the two companies. Those employees are still eligible to earn salaries above the cap.

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