Chief Is Ousted at Fannie Mae Under Pressure
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Fannie Mae, the mortgage finance giant, forced out its chairman and chief executive, days after the company was found to have violated accounting rules.
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The forced departure of Franklin D. Raines as chief executive of Fannie Mae hardly ends the turmoil at the nation&#39;s second largest financial institution.
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In a surprise move, the business software maker fired CEO Craig Conway Friday, saying it has has lost confidence in the feisty leader who engineered the company's dogged resistance to a takeover bid by rival Oracle Corp.
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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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The former Fannie Mae accountant who raised questions about the mortgage giant&#39;s accounting said Wednesday that he had taken his concerns directly to chief executive Franklin Raines and asked him to investigate.
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The chief executive and top financial officer at mortgage giant Fannie Mae were forced out of the company Tuesday as America&#39;s second-largest financial institution struggled with revelations of serious financial reporting problems.
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Roger Barnes, who left Fannie Mae last November, said today that he had taken his concerns directly to Franklin Raines, the company's chief executive.
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Posted December 22, 2004 - The longtime chief of the nationâs largest mortgage lender stepped down from Fannie Mae late Tuesday in the midst of an investigation into accounting errors that might force a multi-billion-dollar earnings adjustment.
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WASHINGTON, DC-Franklin Raines has retired from the position of chairman and CEO at Fannie Mae and vice chairman and CFO J. Timothy Howard resigned from the lender.
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Fannie MaeÂs chief, Franklin Raines, once seen as a rising star and possible future Treasury secretary, may have to reassess his ambitions.
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AFTER hemming and hawing and bobbing and weaving, the board of directors of Fannie Mae finally jettisoned Franklin D. Raines, the mortgage finance giant&#39;s former chief executive, and Timothy Howard, its former chief financial officer, last week.
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Fannie Mae&#39;s board of directors may have found it hard to get rid of the company&#39;s top two executives, but a difficult job remains in navigating the transition to the next senior management team.
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SAN FRANCISCO (CBS.MW) -- After a week of auditing shocks, Fannie Mae investors face the prospect of shakeups at the mortgage giant&#39;s top levels.
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Executives urged to quit over risks that took lender to the brink of collapse.
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The head of the high-profile US National Hurricane Center (NHC) was ousted on Monday following a storm of controversy over his harsh criticism of his employers and a near-mutiny by forecasters.
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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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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