The chief executives of government-controlled mortgage-finance firms Fannie Mae and Freddie Mac will get multimillion-dollar paydays thanks to a big raise approved by the companies’ regulator over the objections of lawmakers and the White House.
In separate filings with the Securities and Exchange Commission on Wednesday, Fannie Mae FNMA, -0.65% and Freddie Mac FMCC, +0.45% disclosed that their respective CEOs, Timothy J. Mayopoulos and Donald Layton, would have a total annual target compensation of $4 million each, effective Wednesday.
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