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BoA Mortgage Chief's Salary Cut

Desoer's cash salary cut to $500,000

Nov. 30, 2009

By staff

The Obama administration has cut the salary of the biggest residential lender's chief.

Kenneth R. Feinberg, the Special Master for TARP Executive Compensation, issued an Oct. 22 Determination Memorandum to Bank of America Corp., according to a public filing Friday from the Charlotte, N.C.-based institution.

The memo called for a limitation on the compensation of Barbara J. Desoer, president of Bank of America Mortgage, Home Equity and Insurance Services. Desoer's operation includes Bank of America Home Loans.

BoA ranked as the biggest U.S. residential lender during the third quarter, with $98 billion in fundings.

According to the filing, the compensation and benefits committee of the board of directors recommended that Desoer's cash base salary be limited to $500,000 -- which the full board approved. The salary was what was approved by TARP's pay czar.

Desoer's new pay is retroactive to Nov. 1.

She will also be awarded a grant of stock unit in lieu of cash salary in the amount of $3,950,000 for this year. Half of the award will be granted today, while the rest will be granted on Dec. 31.

A similar limitation on compensation was set for BoA Chief Financial Officer Joe L. Price, though his grant of stock unit award is $5,250,000.

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