WASHINGTON - Top Freddie Mac executives continued to beat their Freddie Mac counterparts in compensation last year, according to proxy statements from the two companies.

All three top executives at Fannie Mae made more money in 1994 than Freddie Mac's chairman, Leland C. Brendsel.

But the pay gap between the chairmen of the two government-sponsored enterprises narrowed in 1994 from the level a year before.

Fannie Mae's chairman, James A. Johnson, made 1.7 times as much as Mr. Brendsel in 1994. The year before, Mr. Johnson made 2.65 times as much as Mr. Brendsel.

At Fannie Mae, Mr. Johnson, was awarded $3.8 million in salary, bonus, restricted stock, and a payout from Fannie's long-term incentive plan.

At Freddie Mac, Mr. Brendsel received $2.2 million in salary, bonus, restricted stock awards, and other compensation.

Mr. Johnson's pay packet fell by 27% from its 1993 level, while Mr. Brendsel's rose 11%. Both chief executives also received the option to buy stock in their respective companies.

Mr. Johnson's options of Fannie Mae stock are valued at $1.4 million.

Mr. Brendsel's options of Freddie Mac stock are valued at $456,532.

Lawrence M. Small, president and chief operating officer at Fannie Mae, received $2.95 million in total compensation in 1994.

Mr. Small was also awarded options of Fannie Mae stock valued at $852,877.

Franklin D. Raines, vice chairman of Fannie Mae, received $2.4 million in total compensation in 1994.

Mr. Raines was also awarded stock options valued at $787,397.

At Freddie Mac, David W. Glenn, president and chief operating officer, received $1.4 million in total compensation.

Mr. Glenn was awarded stock options valued at $344,779.

The fourth-ranked and fifth-ranked executives at Fannie Mae were each paid more than Mr. Glenn at Freddie Mac.

J. Timothy Howard, executive vice president and chief financial officer at Fannie Mae, received $1.4 million in compensation in 1994. Mr. Howard also received stock options valued at $379,784.

Robert J. Levin, Fannie Mae's executive vice president of marketing, received $1.5 million in 1994. He was also awarded stock options valued at $379,784.

Freddie Mac executive vice president Michael K. Stamper received $632,554 in 1994. He also received stock options valued at $146,888.

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