Update 5: Regulators May Oust Fannie Mae Management
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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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Regulators have discovered serious accounting problems at mortgage giant Fannie Mae, prompting an inquiry by the Securities and Exchange Commission and calling into question its
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Fannie Mae's top regulator yesterday said it is "more than likely" the federal government will sue former chief executive Franklin D. Raines and other former company officers, seeking to recover bonuses and salary and perhaps impose fines for the mortgage finance company's accounting debacle.
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U.S. mortgage finance giant Fannie Mae said on Wednesday a Securities and Exchange Commission decision that it must restate earnings over accounting problems is likely to cut into its capital position.
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The board of Fannie Mae has been discussing a possible executive shake-up as the embattled mortgage giant responds to regulators&#39; allegations of accounting violations and faces a likely restatement of $9 billion or more in earnings.
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(CBS/AP) Fannie Mae, the nation&#39;s second largest financial institution, forced out two top executives as it struggles to deal with an accounting scandal which will likely force it to wipe out $9 billion in profits over the past four years.
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Fannie Mae, the mortgage finance giant, said yesterday that its regulator would review the benefits the company planned to pay its former top two officers, Franklin D. Raines and J. Timothy Howard, after their ouster last week.
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Description: Two top executives at Fannie Mae are forced out of their jobs following questions over accounting irregularities. Fannie Mae CEO Franklin Raines and Chief Financial Officer Timothy Howard stepped
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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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Fannie Mae&#39;s board of directors met yesterday to hear details about accounting problems its regulators have uncovered during a long-running review, according to a source familiar with the matter.
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US home buyers may see a slight rise in mortgage rates if housing finance company Fannie Mae , which is mired in an accounting scandal, slows purchases of bonds backed by home loans in response to new rules imposed by regulators.
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Source: Mortgage financer may be forced to keep up to $31B on hand while it fixes accounting woes. WASHINGTON  - Embattled mortgage finance giant Fannie Mae was close to a deal with regulators late
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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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WASHINGTON - Fannie Mae, the giant mortgage finance company, Monday agreed to abandon accounting methods its regulator criticized last week as being used to manipulate financial results.
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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's regulator has not approved the financial terms of the exits of two top executives and the men won't get that money until investigations of the company's finances are completed, one of the company's congressional overseers said Wednesday.
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US mortgage finance giant Fannie Mae (FNM.N: Quote, Profile, Research) , which on Tuesday removed removed two top executives over major accounting problems