Garrett: Crony Capitalism is Alive and Well at FHFA


WASHINGTON, D.C. – July 2, 2015 – (RealEstateRama) — Rep. Scott Garrett (NJ-05), Chairman of the House Financial Services Capital Markets and Government Sponsored Enterprises Subcommittee, issued the following statement in response to the Federal Housing Finance Agency’s (FHFA) decision to raise the compensation for the CEOs of Fannie Mae and Freddie Mac from $600,000 to $4 million:

“On the same day that the Ex-Im Bank expires, the crony capitalist empire strikes back at the FHFA. Fannie and Freddie have been bailed out by American taxpayers to the tune of $188 billion, yet Director Watt is handsomely rewarding the executives of these failed institutions. Today’s announcement is yet another reminder that Washington cronyism is alive and well.”


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