WASHINGTON — Two Democratic lawmakers yesterday said the $24 million in pay awaiting Fannie Mae's and Freddie Mac's departing chief executives should be reduced by the federal agency that just took control of the mortgage finance companies.

Sens. Charles Schumer, D.-N.Y., and Jack Reed, D-R.I. — both of whom sit on the Senate's banking committee — said the financial mismanagement that led the government to take over the companies on Sunday justifies such a move.

"We find it way out of line that these two executives will be rewarded with millions of dollars in bonus compensation at a time when taxpayer dollars may have to be deployed to cover any financial losses caused by errors in management," Schumer and Reed wrote in a letter to James Lockhart, director of the Federal Housing Finance Agency.

The senators noted that Lockhart will have the authority to reduce the executives' compensation under a provision in a sweeping housing bill passed in July.

Former Fannie CEO Daniel Mudd is due to receive up to $8.4 million in compensation, while Richard Syron, Freddie Mac's former chief executive is due to receive up to $15.5 million, according to David Schmidt, a senior consultant at executive compensation consulting firm James F. Reda & Associates.

Syron's package, Schmidt said, is "very unusual" because it allows him to receive $8.8 million in cash to replace stock grants and options that are now worth little or nothing. Representatives of Fannie and Freddie declined to comment. An FHFA spokeswoman also did not comment.