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Volume 14 - Number 5

March 7, 2014

OIG Memo Cites ‘Deficiencies’ In FHFA Oversight of GSE Pay

Despite gains in oversight and reform of the compensation packages for Fannie Mae's and Freddie Mac's top-level executives, the Federal Housing Finance Agency did not keep a close eye on the pay packages for scores of GSE vice presidents and directors, according to the FHFA’s official watchdog. In a heavily redacted draft memo released to the public, the FHFA’s Office of Inspector General said that while the agency reviewed and examined the GSEs' executive compensation, it did not keep close tabs on “non-executive senior professional compensation practices.”

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

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