Sept. 23 (Bloomberg) -- Freddie Mac, the mortgage-finance company taken over by the U.S. government, said it's paying new Chief Executive Officer David Moffett $900,000 a year in base salary until a broader pay package can be set.

A formal compensation agreement has yet to be determined and may also include cash bonuses and deferred cash incentives, the McLean, Virginia-based company said in a filing to the Securities and Exchange Commission today.

The Federal Housing Finance Agency on Sept. 7 placed Freddie and competitor Fannie Mae into a conservatorship. Freddie CEO Richard Syron was replaced by Moffett, 56. Fannie CEO Daniel Mudd was ousted, and Herbert Allison, 65, was hired to take his place.

To contact the reporter on this story: Romaine Bostick in Washington at rbostick@bloomberg.net.

Last Updated: September 23, 2008 17:24 EDT