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New Freddie Mac CEO takes pay cut

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Freddie Mac's new chief executive officer, former JPMorgan Chase & Co. executive Donald H. Layton, will make just a fraction of what his predecessor did.Layton -- who retired from JPMorgan Chase in 2004 as head of the company's financial services unit, which included the fourth-largest mortgage firm in the U.S. -- has resigned his position on the board of American International Group (AIG) to take over at Freddie Mac, where he will earn a base salary of $600,000 a year, the mortgage giant said in a regulatory filing.According to the Washington Post, Layton's predecessor, Charles E. "Ed" Haldeman Jr., earned $3.8 million in compensation in 2011. Freddie Mac's CEO when the company was placed under conservatorship, Richard F. Syron, was slated to earn $18.3 million in compensation in 2007, the Post reported.Karen Shaw Petrou, managing partner of Federal Financial Analytics, told the Post that pay limits imposed by lawmakers make it difficult to find executives to head up Fre...