Correspondence from Senator McCain X
Inbox X
Inbox
show details 10:11 AM (23 minutes ago) |
December 1, 2011
Mr. Jack Hotchkiss
3630 E Dove Lane
Kingman, AZ 86409-2848
Dear Mr. Hotchkiss:
Thank you for writing to me in support of my position on the bonuses of Fannie Mae and Freddie Mac executives. As you may know, it was recently reported that the Federal Housing Finance Agency approved $12.79 million in bonuses to ten top Fannie and Freddie executives. With one in every four home owners in America underwater on their mortgages, it is outrageous that Fannie Mae and Freddie Mac executives would expect multi-million dollar bonuses after those Government Sponsored Enterprises (GSEs) received over $170 billion in taxpayer bailouts.
As soon as the appropriate legislative vehicle is available, I will be introducing an amendment to make clear that so long as Fannie and Freddie are in government conservatorship, bonuses such as these will not be paid out. I assure you many other Senators also share your disappointment in this practice, as this legislation has bipartisan support. Additionally, President Obama has previously opposed huge bonuses for Fannie and Freddie executives and denounced such windfalls for leaders of companies bailed out by taxpayers as an ‘outrage’ and a violation of ‘our fundamental values.’ We hope the Administration will live up to its rhetoric and join our effort to stop these absurd and outrageous bonuses.
Thank you again for contacting me and supporting me on this issue. Abuse and misuse in government is always one of my top priorities, and I will continue to work to eliminate programs and practices that are costly to the American tax payer. Please feel free to contact me in the future regarding this or any other matter.
Sincerely,
John McCain
United States Senator
JM/js
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