A pay raise windfall is coming for the CEOs of Fannie Mae and Freddie Mac as the Federal Housing Finance Agency revealed this week the removal of a pay cap and approval of a raise that could reach $4 million each in annual total compensation. The GSE executives, Timothy Mayopoulos of Fannie and Donald Layton of Freddie, each earn approximately $600,000 without bonuses. This amount was part of a salary cap initiated by the FHFA in 2012 in response to concerns voiced by lawmakers. The compensation increase announcements were disclosed in separate filings made by Fannie and Freddie with the Securities and Exchange Commission.