Here’s some good news (via the WSJ):

The regulator of Fannie Mae and Freddie Mac said Sunday that it won’t allow the companies to make “golden parachute” severance payments to the mortgage companies’ ousted chief executive officers.

In a statement, the Federal Housing Finance Agency said such payments wouldn’t be made to Daniel Mudd and Richard Syron, despite provisions in their contracts. Mr. Mudd served as chief executive of Fannie and Mr. Syron was chairman and CEO of Freddie until last weekend, when the regulator seized control of the companies, saying they were in danger of running out of capital.

I don’t know how the regulator can break the contracts unless they have evidence of explicit wrongdoing, but so what? Let’s see if these guys have the chutzpah to sue….