The U.S. housing regulator has approved pay packages for the chief executives of mortgage finance companies Fannie Mae and Freddie Mac in the range of $4 million to $6 million, the Wall Street Journal said, citing people familiar with the matter.

The Federal Housing Finance Agency has approved the pay details for Fannie's Michael Williams and Freddie's Charles Haldeman, which the housing companies are expected to spell out in a securities filing on Thursday, the paper said.

Fannie Mae and Freddie Mac, which together own or guarantee half of all U.S. mortgages, were seized by the U.S. government and put into conservatorship in September 2008 at the peak of the credit crises.

The Federal Housing Finance Agency did not immediately respond to a Reuters email seeking comment that was sent outside of regular U.S. business hours.