Fannie Mae Scandal Topples Two Execs
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As expected, the growing accounting scandal swirling around Fannie Mae claimed the careers of two of its top executives. CEO Franklin Raines and CFO Timothy Howard were forced out Tuesday night by the mortgage finance corporationâs Board of Directors.
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The Canadian Imperial Bank of Commerce fired two executives at its CIBC World Markets unit as it grapples with a $9.8 billion exposure to subprime debt.
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The forced departure of Franklin D. Raines as chief executive of Fannie Mae hardly ends the turmoil at the nation's second largest financial institution. Civil, criminal and congressional investigations are under way as the mortgage giant's interim managers begin what could be a lengthy process of cleaning up the books and re-establishing its credibility.
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Fannie Mae today said it is shutting down its charitable foundation as part of a broader corporate reorganization set in motion by an accounting scandal and a turnover in the company's top leadership.
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Fannie Mae's plan to become an anchor for redevelopment in Southwest D.C. was the latest casualty of an accounting scandal that has already cost investors billions and toppled two top executives.
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Fannie Mae Chief Executive Franklin  Raines' struggle for his job and reputation after regulators  found extensive accounting problems at his company is an  unexpected twist in a career that had seemed likely to vault  him into a prominent role in national politics.
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The board of Fannie Mae, the largest source of money for the US mortgage market, met Sunday without making an announcement on the status of Chief Executive Officer Franklin Raines and Chief Financial Officer J. Timothy Howard.
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WASHINGTON Sept. 30, 2004 - Top executives of Fannie Mae are being called before Congress to explain an accounting lapse as lawmakers delve into operations of the mortgage giant that is already under investigation by federal regulators.
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Washington (Dec. 23, 2004) - Two top executives and auditor KPMG are out this week at Fannie Mae, following the Securities and Exchange Commission&#39;s decision that the mortgage giant violated accounting rules, leaving it faced with a massive restatement.
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U.S. mortgage finance giant Fannie  Mae FNM.N confirmed late on Tuesday that embattled Chief  Executive Franklin Raines and Chief Financial Officer Timothy  Howard were stepping down after accounting errors that are  expected to force a massive earnings restatement.
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The deterioration in the U.S. mortgage market forced the departures of two top executives at HSBC Holdings.
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Two top executives at building products group James Hardie Industries have resigned in the wake of a scandal about the company&#39;s treatment of thousands of people poisoned by asbestos that it made.
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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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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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WASHINGTON (CBS.MW) -- Franklin Raines, the powerful and politically connected chairman and CEO of Fannie Mae, faces long odds in surviving the worst controversy he&#39;s been confronted with in his years as a Washington power broker.
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Fannie Maeâs regulator, the Office of Federal Housing Enterprise Oversight, has launched a probe into the bonuses and compensations received by the two top executives fired earlier this week.
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Accounting problems at Fannie Mae, the giant mortgage company, have prompted an investigation by the Securities and Exchange Commission.