Raines Falls at Fannie Mae
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Under pressure from regulators, Fannie Mae&#39;s (FNM:NYSE - news - research) board ousted its top two executives in the midst of a deepening accounting scandal.
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Fannie Mae Chief Executive Franklin Raines will tell a US House panel the largest government- sponsored mortgage finance company ``strongly&#39;&#39; disagrees with a report by its regulator
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Shares of U.S. mortgage finance  giant Fannie Mae FNM.N tumbled on Thursday after the  Securities and Exchange Commission said the company must  restate earnings because of accounting problems.
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WASHINGTON, Dec. 12  â The mortgage lending company Fannie Mae filed suit on Tuesday against its former auditor KPMG, accusing the firm of negligence and breach of contract for its part in the flawed accounting that led to a $6.3 billion restatement of earnings.
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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 financial soundness, the company disclosed yesterday. Its shares fell nearly 7 percent.
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WASHINGTON, DC - Investors in Fannie Mae and Freddie Mac are feeling some pain in the wake of Fannie&#39;s recent accounting problems.
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The chief executive and chief finance officer of America&#39;s second-largest financial institution, mortgage provider Fannie Mae, have stepped down following a row over accounting irregularities.
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Stocks were lower on Wednesday after  investment bank Morgan Stanley MWD.N reported lower quarterly  profit and a U.S. regulator challenged Fannie Mae's FNM.N  accounting methods.
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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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The stock sale pricing announcement comes eight days after Franklin Raines stepped down as Fannie Maeâs chief executive and Timothy Howard stepped down as its finance chief.
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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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Franklin Raines, who was forced out as Fannie Mae's chief executive after five years, is slated to receive a monthly pension of more than &#36;114,000 for life, according to documents the mortgage lending giant filed Monday with the Securities and Exchange Commission.
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WASHINGTON  - US mortgage finance giant Fannie Mae announced the retirement of its chief executive officer Franklin Raines and the resignation of its chief financial officer Timothy Howard, in the wake of accounting errors that will force a massive
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Description: Top Fannie Mae executives defend the company&#39;s accounting practices in Congress. CEO Franklin Raines denied allegations the company had manipulated its books, telling lawmakers the controversy
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Fannie Mae, the US housing giant that is at the centre of a huge accountancy scandal, misled investors and damaged the public trust, according to a leading politician.
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Fannie Mae  shares fell as much as 3.5 percent on Friday, bringing losses for the week to about 16 percent, as investors grew wary of potential widespread accounting problems at the No. 1 U.S. housing finance company.
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Under pressure from regulators, Fannie Mae ousted chief executive Franklin D. Raines and Chief Financial Officer J. Timothy Howard and replaced KPMG as its auditor.