The U.S. regulator of Fannie Mae and Freddie Mac (FMCC) should keep a closer watch on the salaries the two government-owned mortgage finance companies pay to senior executives, according to an auditor’s report released today.

“The agency’s lack of independent assessment limits its capacity to ensure that the costs associated with senior professional compensation are warranted,” the Federal Housing Finance Agency Office of Inspector General said in the report.

The two companies paid 90 executives a total of $92 million and paid another 2,000 senior professionals a total of $455 million in 2011, the report said. Median compensation to vice presidents was $388,000, while median pay for company directors was $205,300.