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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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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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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Like the cherry blossoms in the spring and loyalty to the Redskins, the power and influence of Fannie Mae are among those aspects of Washington that never seem to change - until now.
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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.
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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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Records raise new questions about the business practices of the giant mortgage lender at the center of the subprime mess.
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Fannie Mae's board of directors may have found it hard to get rid of the company's top two executives, but a difficult job remains in navigating the transition to the next senior management team.
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Friends say Franklin Raines overcame race and class barriers only to plummet into an American nightmare. â¢ Experience: Chairman and CEO, Fannie Mae, 1999-2004; director, Office of Management and Budget, 1996
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Fannie Mae, the quaintly named mortgage company that sounds like a minor character from TV&#39;s &quot;The Beverly Hillbillies,&quot; is, in fact, the nation&#39;s second-largest financial institution.
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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 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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Putting finaglers in jail may make the White House look tough, but it won't clean up corporate ledgers
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A state program in Illinois designed to counsel borrowers on their mortgages may help homeowners, but some say it is unnecessary government intrusion.
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Fannie Mae&#39;s accounting scandal is already provoking louder calls for stronger regulation of the mortgage-investment company and clearer financial reporting.
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If Fannie Mae (FNM) is hampered by new limits on its operations, shareholders of the USA&#39;s biggest mortgage-investment company are likely to feel the pinch more than the nation&#39;s mortgage borrowers.
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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.