US agrees $6 million pay check for Fannie and Freddie bosses

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The two companies have been handling mortgages for decades.

The heads of US mortgage giants Fannie Mae and Freddie Mac may each receive pay packages of up to $6m (£3.7m) for 2009, depending on company performance.

The government has put $111bn of public money into the companies since taking them over and the awards go against moves to curb lavish pay packages.

But the regulator which decided the pay levels said the awards were 40% lower than before the government bailout.

The sums involved reflected the need to attract and retain talent, it argued.

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