WASHINGTON (

TheStreet

) -- The Federal Housing Finance Agency is set to unveil pay packages worth millions of dollars for top executives at

Fannie Mae

and

Freddie Mac

, people familiar with the matter told the

Wall Street Journal

TST Recommends

.

The U.S. housing regulator approved compensation plans in the range of $4 million to $6 million for Fannie CEO Michael Williams and Freddie CEO Charles Haldeman, sources told the

Journal

.

Representatives of both Fannie and Freddie declined to comment for the newspaper. The government-controlled mortgage finance companies are expected to detail the pay plans in security filings Thursday.

Fannie and Freddie were rescued by the U.S. government in September 2008. The lenders reportedly owe the government nearly $100 billion between them.

FHFA officials consulted with Treasury Department's pay czar, Kenneth Feinberg, on how to structure the compensation. Feinberg doesn't have directly over the pay at these firms.

The FHFA declined to comment for the

Journal

.