Bonuses for 46 top Fannie Mae execs rescinded
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Fannie Mae said Tuesday it would withhold $44.4 million in bonuses to former and current executives, including Chief Executive Daniel Mudd.
The mortgage finance company will deny the long-term incentive pay to 46 former and current executives, Fannie Mae spokeswoman Janis Smith said.
Fannie Mae in December said it overstated earnings from 2001 until mid-2004 by $6.3 billion.
Mudd, who has been with Fannie Mae since 2000, won’t receive $4 million from that period because of the inflated performance. Others who will be denied bonuses are Chief Business Officer Robert Levin, $2 million; Chief Operating Officer Michael Williams, $1.85 million; former CEO Franklin Raines, who was ousted in 2004 because of the accounting mistakes, $11.2 million; Chief Financial Officer Timothy Howard, $3.37 million; and former Controller Leanne Spencer, $370,000.
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