NEW YORK (
) -- The top executives at
will each earn between $4 million and $6 million in 2009, according to SEC filings Thursday.
Fannie Mae CEO Michael Williams and Freddie Mac CEO Charles Haldeman will each receive $900,000 in base salary, $3.1 million in deferred compensation, and up to $2 million each in incentive pay. A number of other top executives at both mortgage lenders will also receive compensation in the millions.
The companies are among the top recipients of government bailout money, along with
Bank of America
, also among the largest recipients, recently paid back the money they owed the Treasury.
John Mack, CEO and Chairman of
, another big bailout recipient that paid back the Treasury earlier this year, recently said he would forgo a bonus for a third straight year. Ken Lewis, outgoing CEO of Bank of America, also will not receive a 2009 bonus, following the recommendation of Treasury "pay czar" Ken Feinberg. Feinberg has no authority over Freddie or Fannie.
The mortgage lenders' regulator, the Federal Housing Finance Agency, defended the pay packages in a press release issued Thursday, noting that the compensation was "significantly reduced," from where it was before they were placed into conservatorship last year.
Written by Dan Freed in New York