Mortgage giants Fannie Mae and Freddie Mac, both put under government control last September, are offering retention bonuses to executives, according to corporate filings. Fannie is paying up to $611,000 this year in bonuses to a small group of senior executives; Freddie said it plans similar payments but has yet to disclose details. Fannie Mae defended the payments as necessary to "provide meaningful financial incentives for employees to remain at Fannie Mae," according to a recent filing. "Retaining critical employees was essential to ensure our viability through 2010, which would allow Congress, the administration and other parties involved time to determine what the form and function of the company will be in future years." James Lockhart, director of the Federal Housing Finance Agency which oversees both companies, said the payments were legitimate. "It's a reasonable and well thought out plan," he said yesterday. Keeping personnel of Fannie Mae and Freddie Mac was critical when the two companies were taken over, he added. http://www.theglobeandmail.com/servlet/story/RTGAM.20090319.wrretention19/BNStory/Business The dumbocrats are handing out OUR money like there is no tomorrow. Considering that they have been in charge of Fannie Mae since last September, I wonder how long it is going to take them to realize that they are giving out these bonuses? And how long will it take for them to start pointing fingers at each other? Was there authorization for these bonuses in the "stimulus" bill as with AIG?