Freddie Mac Chairman and Chief Executive Richard Syron received nearly $20 million in compensation last year, according to a filing with the Securities and Exchange Commission.
The filing comes a week after the government proposed legislation that would make possible a federal bailout of Freddie and Fannie Mae amid liquidity concerns and plunging stock prices. Combined, the two largest government-sponsored mortgage institutions own or guarantee $5.2 trillion of U.S. home mortgages.
Syron received a $1.2 million salary, along with a $3.45 million bonus, including $1.25 million to remain at the company, and $771,585 in other compensation. In addition, he received stock and options worth an estimated at $14.3 million. His compensation also covered a variety of his expenses, including such things commuting and home security.
Freddie Mac's stock lost half its value last year.
If he remains with the company through the end of 2008 and meets certain goals, Syron could earn $20 million in stock awards. He's guaranteed to earn nearly $9 million in stock regardless of performance.