Fannie, Freddie CEO salaries to be boosted to $4 million

The chief executives of the bailed-out mortgage giants Fannie Mae and Freddie Mac are getting raises.

Fannie CEO Timothy Mayopoulos and Freddie CEO Donald Layton will receive $4 million in compensation apiece annually, according to disclosures filed with the Securities and Exchange Commission Wednesday.

Previously, the agency that serves as the companies' government caretaker had cut their base salaries to $600,000 in the wake of criticism of the government-sponsored enterprises.

Federal Housing Finance Agency Director Mel Watt approved the increase in compensation, after he had requested plans from the companies for promoting CEO retention.