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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.