updated 9/23/2008 7:49:37 PM ET 2008-09-23T23:49:37

Mortgage finance company Freddie Mac says its new chief executive is earning a base salary of $900,000 a year, a 25 percent pay cut from his predecessor who also received sizable bonuses and stock options.

The company, seized by the government earlier this month, said in a regulatory filing that CEO David Moffett will earn the salary while his final compensation package is determined by the Federal Housing Finance Agency, which controls Freddie Mac and sibling Fannie Mae.

Moffett, formerly vice chairman of US Bancorp, started at Freddie earlier this month after ex-CEO Richard Syron was ousted as part of the government's takeover.

Syron received $19.8 million in compensation last year from McLean, Va.-based Freddie Mac, including a $1.2 million salary, a nearly $3.5 million bonus and $771,585 in other compensation. He also received stock and options valued by the company at $14.3 million at the time they were awarded.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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