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Ban on bonuses looms at Fannie and Freddie
US SENATORS have voted to block bonuses for directors at bailed-out mortgage financers Fannie Mae and Freddie Mac.
America’s upper chamber moved to ban the payouts, worth nearly $13m, under a bill amendment put forward by Republican John McCain and Democrat John Rockefeller.
The bill, approved by a huge majority of 96-3, also needs to be passed by the House of Representatives before it becomes law.
Fannie Mae and Freddie Mac were rescued by the US government in 2008 as they struggled to cope with the subprime mortgage crisis.
The chief executives of both companies are due to leave this year, having joined in 2009 to steer the firms through their bailouts.