|
In December 2010, the agency imposed a freeze on merit pay increases and cost of living adjustments for all Fannie and Freddie employees in 2011. It later was extended to cover 2012. The agency and the two companies have said that the relatively high levels of compensation are needed to attract and keep qualified employees. "There's a lot at stake for our country and it is absolutely critical that Fannie Mae compensation is competitive in the market for financial services talent," Fannie spokeswoman Kelli Parsons said in a statement Monday. Compensation for Fannie employees has declined "substantially" from the levels of pay before the government takeover, Parsons said. Brad German, a spokesman for Freddie, said "We compete every day with Wall Street for finance experts, mathematicians, engineers and other professionals." Freddie uses "a rigorous compensation process" to offer pay that is reasonable yet competitive, German said in a statement.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor