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- Freddie Mac CFO to receive up to $5.5M
Freddie Mac CFO to receive up to $5.5M
- By ILS corp
- Published 10/3/2009
- ILSTV Stories
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The government-controlled mortgage finance company tapped Ross Kari for the position on September 22. He had previously been serving as CFO for Fifth Third Bancorp in Cincinnati.
The company disclosed in a Securities and Exchange Commission filing that Kari, 51, would make up to $3.5 million a year, including incentive payments, plus a signing bonus of about $2 million.
Kari's bonus and salary were approved by the Federal Housing Finance Agency, which regulates Freddie Mac.
Freddie Mac has been without a permanent CFO since last fall, when the company was seized by the government during the financial meltdown. Acting CFO David Kellermann committed suicide in April.
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7 Responses to "Freddie Mac CFO to receive up to $5.5M" 
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said this on 05 Oct 2009 4:57:59 AM EDT
I read this article and am totally disgusted at the thought that we have obviously learned nothing in the last couple of years. These excessive compensation packages for people who take no risk is totally absurd. Greed coupled with arrogance is what took the world economy down and left it in shambles. We have a very fragile recovery underway and we are right back at it. Mr. Kari should be told that his services are not required at that price and the people who hired him at that price should be let go as well. The President should show strong leadership by making certain that heads roll so to speak. We the people should not tolerate this idea that we were sold that you have to compensate at those levels to attract talent. We have all seen the kind of talent that was attracted, some are in prison, some are charged and awaiting trial, and some are still under investigation. In our society, the only people entitled to be compensated at those levels are those people who put their own assests at risk everyday. therefore if they win they are entitled to win big, fore if they lose, they lose big. The Mr. Karis of the world have nothing at risk other than their egos as almost without exception they have employment contracts negotiated at time of hire. These contracts generally include a very lucrative exit package in the event of termination or if the contract is not renewed by the employer. If we are to have any hope at all, we have to rebuff this line of thinking that clearly still exits. How much federal aid did Freddie Mac receive? Then the taxpayers have every right to have a say.
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said this on 05 Oct 2009 10:20:09 AM EDT
You are correct in that Greed & Arrogance certainly played a part. Stupidity and moral suasion from Carter through George W. are equally culpable. When a minority, unwarrantly, takes too much out of the system, imbalances are created that must be addressed sooner or later.
It should also ne noted that, after being presented with the opinion (and certainty) that continuing down the path of blind-eye lending by the Freddy Mac Risk Management team, the then CEO opined "I don't know how we can turn them down! |
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said this on 16 Mar 2012 7:03:56 AM EDT
Was in the Mortgage field for many years. I find myself nsiuteoqs the question first. Why would it matter if it was backed by Freddie Mac/Fannie Mae? Even if Countrywide went under it would not affect your mortgage payments. Just who you made the payments to.Oh well that was not the answer to your question. I guess the easiest way is to call Countrywide Customer Service. Their phone number is 1(800) 669-6607. They can look up your paperwork and see if the sold the Mortgage to Freddie or Fannie. Mortgage companies either hold onto the loan themselves or they will sell the loan to somebody else or they will sell the loan, but still service it. Countrywide does not tend to sell its 1st Lien mortgages, but if they did then we at least know they are still servicing the Loan. We know because you are making your checks out to Countrywide. Call them up and ask them if they sold the loan to Freddie or Fannie. Then you will know.
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said this on 22 Mar 2012 4:12:38 AM EDT
Paki, aunque con retraso, te comunico que todos los que lo solicist teis a trav s de los coemntarios est is admitidos/as
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said this on 30 Mar 2012 3:47:00 AM EDT
Paki, aunque con retraso, te comunico que todos los que lo solicist teis a trav s de los coemntarios est is admitidos/as
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said this on 06 Apr 2012 2:05:46 AM EDT
Was in the Mortgage field for many years. I find myself questions the question first. Why would it matter if it was backed by Freddie Mac/Fannie Mae? Even if Countrywide went under it would not affect your mortgage payments. Just who you made the payments to.Oh well that was not the answer to your question. I guess the easiest way is to call Countrywide Customer Service. Their phone number is 1(800) 669-6607. They can look up your paperwork and see if the sold the Mortgage to Freddie or Fannie. Mortgage companies either hold onto the loan themselves or they will sell the loan to somebody else or they will sell the loan, but still service it. Countrywide does not tend to sell its 1st Lien mortgages, but if they did then we at least know they are still servicing the Loan. We know because you are making your checks out to Countrywide. Call them up and ask them if they sold the loan to Freddie or Fannie. Then you will know.
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