“FHFA Acting Director Edward J. DeMarco responded to a letter from numerous U.S. Senators [Committee on Banking, Housing and Urban Affairs – with a hearing scheduled for November 15, 2011] regarding executive compensation at Fannie Mae and Freddie Mac. Attached is the text of the letter…Losses at Fannie Mae and Freddie Mac (the Enterprises) have already resulted in more than $170 billion in taxpayer expense, and I consider it the most important part of my job to minimize any further taxpayer costs…By law, the conservatorships are intended to rehabilitate the Enterprises as private firms. Their officers are not public employees, and FHFA has used market compensation measures to target executive compensation at or below the median of comparable private sector positions at financial institutions roughly similar in size and/or complexity as the Enterprises.”