Chief Says Fannie Mae Did Nothing Wrong
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Franklin D. Raines, the head of Fannie Mae, took issue with every major damaging conclusion of the mortgage giant's regulator on Wednesday.
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Franklin Raines, Fannie Mae&#39;s former chief executive, who retired last week after regulators exposed accounting errors expected to force a massive earnings restatement, stands to get an annual pension of $1.37 million, the No.
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Based on reported earnings that it must now correct, Fannie Mae paid $65.1 million in bonuses to employees in 2003, according to one of the federally chartered company's congressional overseers.
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Fannie Mae executives defended themselves on Wednesday against government allegations they manipulated accounting to hide earnings swings, saying they and their auditors believed they were properly applying complex standards that
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Fannie Mae chief executive Daniel H. Mudd received $12.2 million in compensation for 2007, down 15 percent from $14.4 million in 2006, the company said yesterday.
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Fannie Mae chief executive Franklin D. Raines invited reporters to his Wisconsin Avenue headquarters a year ago to complain good-naturedly that recent disclosures of accounting manipulations at smaller rival Freddie Mac had unjustly hurt his company.
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The forced departure this week of Franklin Raines as chief executive of Fannie Mae wonât end the turmoil at the nationâs second largest financial institution.
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A U.S. government review into the  nation's No. 1 mortgage finance company, Fannie Mae FNM.N,  charges it with inappropriate accounting practices and called  into doubt past financial results, the company's board said on  Wednesday.
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District-based Fannie Mae, whose accounting methods are facing the same scrutiny that shook up fellow mortgage lender Freddie Mac last year, says it has formed a committee to work with regulators and named former Sen.
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Tim Howard, the Fannie Mae (FNM) chief financial officer at the center of a critical report on accounting problems at the mortgage investment company, has exercised
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Franklin Raines, the head of Fannie Mae, the giant mortgage loan holder, took issue with every major damaging conclusion of the company&#39;s regulator yesterday in an embattled appearance before a House subcommittee.
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Whether mortgage finance giant Fannie Mae will have to restate its earnings as a result of accounting problems cited by regulators will be up to the Securities and Exchange Commission to consider, a company executive said Tuesday.
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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 underway as the mortgage giant begins what could be a long process of cleaning up the books and reestablishing credibility.
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The chairman of Fannie Mae, the government-backed mortgage lender, on Wednesday described accusations of accounting misdeeds at his company as without merit.
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US Treasury Secretary Henry Paulson stresses that mortgage lenders should shoulder the blame for the credit crisis.
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Fannie Mae&#39;s chairman and CEO bet that his political prowess could protect him from an accounting scandal. He was wrong. Franklin D. Raines, long known for his steady hand and deep Washington connections, staked
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For the last two months, Franklin D. Raines has been the public face of Fannie Mae, testifying before Congress that he believed that the company&#39;s accounting methods were sound.