Big paydays for Fannie and Freddie bosses

by Chris Isidore
December 24, 2009

NEW YORK ( — Top executives at mortgage finance giants Fannie Mae and Freddie Mac, both of which have been under government control since last year, received millions of dollars in pay in 2009, according to documents filed by the companies Thursday.

The chief executive officers of each company got annual pay packages worth $6 million apiece, while other top execs pulled in at least $2 million.

Fannie Mae (FNM, Fortune 500) CEO Michael Williams, who was promoted to CEO on April 21, will receive about $4.2 million in base salary and deferred cash payments for his time in the top job. The filing does not detail how much he was paid for his time as chief operating officer before his promotion, or what he will earn in 2010.

David Johnson, the chief financial officer and No. 2 at the company, was paid at a $3.5 million annual rate. The annual pay rate of five other top Fannie executives topped $2 million apiece.

In addition, Williams and three other top executives are eligible to receive payments pursuant to a 2008 retention program, according to the filing.

At Freddie (FRE, Fortune 500), its slightly smaller rival, CEO Charles Haldeman will receive about half his $6 million package in 2009 since he was named to the top spot on July 21.

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