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Bloomberg reported Senators Chuck Hagel, a Republican from Nebraska, and Robert Casey Jr, a Pennsylvania Democrat, sent separate letters last week to Treasury Secretary Henry Paulson asking for the limits to be included in the Bush administration's plan to extend credit and buy equity in the two mortgage-finance companies. Congress is expected to vote on Paulson's proposal as early as this week.

Hagel cited how losses have cost executives at Citigroup, Lehman Brothers Holdings and Merrill Lynch their jobs.

"Where's the accountability at Fannie Mae and Freddie Mac?" Hagel asked in his letter, dated last Thursday.

Wall Street firms and brokerages paid their CEOs an average of US$16.9 million (Bt565 million) last year, down a third from 2006 on reduced stock awards, a Citigroup study released last month reported.

Freddie Mac boosted Syron's total compensation 24 per cent to $18.3 million last year as the shares fell 50 per cent and the company posted third- and fourth-quarter net losses totalling $4.5 billion. The pay package included a $1.2-million base salary, $3.45 million in bonuses, $8.66 million worth of stock awards and options to buy about $3.37 million worth of additional shares, a proxy statement released in April said.

Fannie Mae raised Mudd's pay 3.2 per cent to $11.6 million last year, its proxy statement said.

The pay included a base salary of $986,923, a $2.2-million bonus and $6.8 million worth of stock awards. Fannie Mae had $4.9 billion worth of losses in the third and fourth quarters, while the shares fell 33 per cent.

"I would like to know why taxpayers should extend Fannie and Freddie an unlimited line of credit at a time when their stock and investor confidence has fallen precipitously and their CEOs continue to make multimillion-dollar salaries and bonuses," Hagel said.

Paulson on July 13 asked Congress for authority to increase credit lines to Washington-based Fannie Mae and McLean, Virginia-based Freddie Mac, buy shares in the firms and give the Federal Reserve a "consultative role" in overseeing their capital requirements.