Hefty payout for ousted execs

WASHINGTON, June 12 (UPI) -- Freddie Mac, the government-sponsored mortgage company, is handing out hefty payouts to two ousted executives.

Former Chief Executive Leland Brendsel will receive a severance package valued at $24 million despite being asked to resign following the company's recent accounting problems, the Washington Post said.

Additionally, Brendsel and Freddie Mac's former chief operating officer, David Glenn, who was dismissed outright by the company, will be able to exercise vested stock options valued at $14.2 million for Brendsel and $5.3 million for Glenn. Those options also have dividends of $2.1 million and $826,000, respectively.

The company, subject of a formal investigation by the Securities and Exchange Commission, did not release compensation information about the other executive who was pushed aside in Monday's management shake-up, former Chief Financial Officer Vaughn Clarke.