At Fannie, The Ties That Blind
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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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Troubled lender said to be undercapitalized; to issue mix of convertible and non-convertible shares. NEW YORK  - Fannie Mae, the largest US home financier whose top two executives left under fire
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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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Federal investigations of Fannie Mae&#39;s (FNM.N: Quote, Profile, Research) accounting could keep the top US home funding company&#39;s stock hemorrhaging, but most debt investors scent opportunity.
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The gathering at the Washington Hilton on Friday was billed as the annual shareholders meeting of Fannie Mae, the first in more than three years, but it could be described more aptly as the Evelyn Y. Davis show.
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Pessimism is greatest among those closest to the financial system, so while some take a working financial system for granted, others see a system in crisis.
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Not so long ago, companies that borrowed lots of money were considered risky. That view has now been turned on its head.
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Fannie Mae Chief Executive Franklin Raines&#39; struggle for his job and reputation after regulators found extensive accounting problems at his company is an unexpected
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Once a seemingly indestructible hiding hole for the frightened investor, some on Wall Street are beginning to question the super-safe status of US Treasury debt.
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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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Pity that Fannie's management decided to test the limits of an implied Federal guarantee.
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Troubles in mortgageland may get  worse before they get better, especially for the so-called  &quot;subprime&quot; borrowers whose spotty credit histories put them  into more costly loans.
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Few people know much about mortgage giant Fannie Mae aside from its TV ads, which paint the company as the $1 trillion version of George Bailey&#39;s savings and loan in It&#39;s a Wonderful Life.
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Two regulatory agencies have concluded that Fannie Mae cut corners when it came to its accounting, severely damaging its image.
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Fannie Mae, the nation&#39;s top source of financing for home mortgages, will likely survive the accounting problems, investigations, and regulatory actions that it now faces - and it must â-ay some industry sources.
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The vaunted political and financial  skills of Fannie Mae Chief Executive Franklin Raines may not be  enough to save him professionally after a scathing regulatory  report last week detailed pervasive accounting lapses at the  mortgage finance company.
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Turmoil at Fannie Mae calls for a stronger, more exacting regulatory hand, but the zeal for reform should not eclipse the financial institution&#39;s singular mission: providing low- and moderate-income Americans with entree into home ownership.