Fannie Mae gets a shake-up
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The accounting irregularities at home loan giant Fannie Mae could end up raising mortgage rates, but the impact, if any, will be difficult to measure given the enormous size and dynamic nature of the market.
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Unlike recent financial scandals, issues raised by Fannie Mae's regulators pertain to unwieldy accounting rules that are open to widely divergent interpretations.
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Fannie Mae&#39;s regulator told Congress on Wednesday his office was considering management changes at the mortgage finance company after finding pervasive accounting irregularities.
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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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Two regulatory agencies have concluded that Fannie Mae cut corners when it came to its accounting, and that has severely damaged its image.
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Fannie Mae wanted to look very safe. But to do that it cut accounting corners, two regulatory agencies have now concluded. And that has severely damaged the image of the mortgage lender and its management.
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The staff of the Securities and Exchange Commission has ordered Fannie Mae, the nation&#39;s largest buyer of mortgages, to restate its earnings over the last four years
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Freddie Mac (FRE.N: Quote, Profile, Research) , the No. 2 US mortgage finance company, on Monday said it will restructure its securities and sales trading group as part of an effort to streamline its business operations.
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Fannie Mae Chief Executive Franklin  Raines' struggle for his job and reputation after regulators  found extensive accounting problems at his company is an  unexpected twist in a career that had seemed likely to vault  him into a prominent role in national politics.
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The decision yesterday by Fannie Mae&#39;s board to get rid of its chief executive and chief financial officer illustrates the company&#39;s determination to try and restore its credibility
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Fannie Mae&#39;s regulators would take steps to oust top executives, including chairman and chief executive Franklin D. Raines and Chief Financial Officer J. Timothy Howard
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Wednesday&#39;s disclosure that government regulators have raised safety and soundness questions about mortgage-finance giant Fannie Mae has given new ammunition to critics of the company and its sister firm, Freddie Mac.
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Jerker Johansson of Morgan Stanley was selected to run the troubled unit, which is being revamped following the bankâs problems with U.S. subprime investments.
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Will he stay or will he go? Franklin Raines still has his job as chief executive of Fannie Mae (nyse: FNM - news - people ), but an executive shakeup was on the agenda when the mortgage giant&#39;s board met Sunday.
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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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Can the Fannie Mae (FNM:NYSE - news - research) scandal now take its place as the Enron-sized debacle it long has been shaping up as?
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In the spring of 2000, Fannie Mae, the giant housing-finance company, was pleading with accounting rulemakers to preserve a &quot;shortcut&quot; around new requirements that would be costly to implement while making earnings less predictable.