Fannie Mae’s chief executive received a compensation bump of about 25 percent in 2006 -- including salary, stock and bonuses.
Daniel Mudd's pay included a bonus of $3.5 million, restricted shares worth nearly $10 million and a salary of $950,000, according to a Securities and Exchange Commission filing.
Mudd was promoted to interim chief executive from chief operating officer in 2004 after an accounting scandal drove out Franklin Raines. Mudd's appointment was later made permanent.
In 2005, he received a bonus of $2.6 million, restricted shares worth $8 million and a salary of $908,121. For 2007, Mudd's salary was increased to $990,000.
More than two years after the accounting problems came to light, Fannie Mae remains unable to file timely financial statements. The company recently completed its correction of past results, revealing that it had overstated profits by $6.3 billion.
Officers' bonuses and stock awards must be approved by Fannie Mae's regulator, the Office of Federal Housing Enterprise Oversight, under an agreement Fannie Mae and the agency reached at the height of the scandal.
Mudd's pay remained below the pre-scandal compensation awarded to his predecessor. In 2003, Raines's pay package included a $4.2 million bonus, $11.6 million in payouts under a long-term incentive plan, a salary of $992,250 and stock options the company valued at $3 million.
