Former Freddie Mac chief executive Greg Parseghian -- who was forced to resign by regulators, but remains as a consultant -- was paid $19.4 million by the company last year, according to a just-released proxy statement.In early January, Mr. Parseghian signed a consulting contract with Freddie Mac that pays him $375,000 a month. The contract could last at least three months and has an 18-month "no compete" clause, barring him from hiring Freddie Mac employees. Industry veteran Richard Syron, who took over as chairman and chief executive of Freddie on the last day of 2003, was paid $8.9 million. (The figures for Messrs. Parseghian and Syron include salary, bonus, and stock awards.) Last June Mr. Parseghian was named CEO when the board ousted the company's three top officers in the wake of a $5 billion accounting scandal. However, Mr. Parseghian only kept the job for a few months, until the Office of Federal Housing Enterprise Oversight raised questions about the role he played in some of the accounting maneuvers. OFHEO found that Mr. Parseghian -- considered the brains behind Freddie's portfolio and trading desk -- was involved in making important decisions that have prompted accusations that (now former) Freddie officials engaged in accounting tricks to smooth out earnings. Former Freddie chairman and chief executive Leland Brendsel, one of the three forced out, would have made $23 million last year, but his compensation package is being contested by OFHEO.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
44m ago -
Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
April 17 -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
April 17 -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17