Management Shakeup May Lie Ahead for Fannie Mae
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Sep-27-2004 - Days after Fannie Mae&#39;s federal regulator released a highly critical report on the mortgage giant&#39;s accounting practices, observers say top management may not survive the fallout.
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Confidence in Fannie Mae debt rose after a management shake-up on Tuesday triggered by accounting errors and an enormous earnings restatement mandated by regulators, investors and analysts said on Wednesday.
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WASHINGTON - It&#39;s up to the board of Fannie Mae to decide whether top managers should be removed in the wake of the mortgage giant&#39;s accounting crisis, HUD Secretary Alphonso Jackson said Wednesday.
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Ford Motor Co. announced on Thursday a shake-up of its top management intended to streamline vehicle development efforts and bring Chief Executive Alan Mulally closer to key operations.
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Ford Motor Co.  announced on  Thursday a shake-up of its top management intended to  streamline vehicle development efforts and bring Chief  Executive Alan Mulally closer to key operations.
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Federal regulators, who are ordering Fannie Mae to take prompt action to remedy what they say are serious accounting problems, also have raised the possibility of removing top managers of the giant mortgage finance company.
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Just how deep is the rot at one of America&#39;s bedrock corporations, Fannie Mae? The picture should be a little clearer after Frank Raines, its chairman and chief executive, testifies before Congress on Wednesday.
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The S.E.C.'s ruling that Fannie Mae had seriously breached accounting rules could result in stricter government controls and possibly a change in top management.
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Chairman and CEO Raines and CFO Howard depart Fannie Mae, with interim successors named. We view this as a positive for Fannie Mae, and see an improved relationship with regulator Office of Federal Housing
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NEW YORK - The board of embattled mortgage finance enterprise Fannie Mae met on Sunday and has apparently decided that Chief Financial Officer Timothy Howard will step down, the Wall Street Journal reported on Monday.
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Fannie Mae's regulator will review the benefits the company planned to pay its former top two officers after their ouster last week.
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The forced departure of Franklin D. Raines as chief executive of Fannie Mae hardly ends the turmoil at the nation's second largest financial institution. Civil, criminal and congressional investigations are under way as the mortgage giant's interim managers begin what could be a lengthy process of cleaning up the books and re-establishing its credibility.
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Because Fannie Mae&#39;s board of directors allowed CEO Franklin Raines to &quot;retire&quot; and chief financial officer Timothy Howard to resign late Wednesday, the Office of Federal Housing
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US mortgage finance giant Fannie Mae (FNM.N: Quote, Profile, Research) said on Tuesday the Securities and Exchange Commission had changed the status of its investigation of the company&#39;s accounting to formal from informal.
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Fannie Mae will announce tonight that chairman and chief executive Franklin D. Raines has resigned, according to two sources familiar with the decision.
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When the decision on the Yankees' new manager comes early this week, it will be just part of a whirlwind period for managers - some who have gone, some who have stayed, and some who are about to land a big payday.
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Fannie Mae&#39;s regulators would move to oust top executives, including Chief Executive Franklin D. Raines and CFO J. Timothy Howard, if the company&#39;s board doesn&#39;t