The Federal Housing Finance Agency is expected to announce the pay packages of top executives at the government-run mortgage-finance firms Fannie Mae and Freddie Mac, a media report says.
Attributing to people familiar with the matter, The Wall Street Journal said the Federal Housing Finance Agency (FHFA) approved compensation plans for Fannie CEO Michael Williams and chief of Freddie Charles Haldeman, which are expected to be in a range of $4 million to $6 million.
The report also says that FHFA officials had consulted the Treasury Department's pay czar Kenneth Feinberg, who doesn't have direct authority over the pay structure at these firms, regarding the compensation for the top executives.
The companies are expected to spell out pay details for their top executives in Thursday's securities filings, the report noted.
Taxpayers have pumped in more than $100 billion of capital into both firms to keep them from collapsing.
Fannie and Freddie were chartered by Congress to provide liquidity to the housing market and were seized by the FHFA last year as both the companies ran into losses due to collapsing housing market.
Since government control of the companies began, both of them have operated as wards of the state, primarily to advance public and social housing goals set by policy makers.
