Fannie, Freddie CEOs eligible for 401k benefits: report
(Reuters) - The recently ousted chief executives of Fannie Mae (FNM.N) and Freddie Mac (FRE.N) are eligible for the pensions and 401k savings plans they built up while working for the mortgage giants, The Wall Street Journal said, citing a regulatory official.
A Federal Housing Finance Agency (FHFA) official told the paper that former Fannie CEO Daniel Mudd's pension and 401k plan has an estimated current value of $5.6 million, while the figure for former Freddie CEO Richard Syron is $4 million.
The FHFA won't allow additional severance payments of about $2.3 million that could have gone to Mudd and $10.3 million for Syron, the paper said.
The U.S. government recently took over the two mortgage giants and replaced their management as part of a plan to recapitalize the two firms.
The FHFA, Mudd and Syron could not be immediately reached for comment.
(Reporting by Ajay Kamalakaran in Bangalore; Editing by Quentin Bryar)
