Sources: Fannie to Announce Raines's Resignation
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Fannie Mae will announce tonight that chairman and chief executive Franklin D. Raines has resigned, according to two sources familiar with the decision. The action comes just days after U.S. securities regulators confirmed that the mortgage industry giant had made serious and costly errors of financial reporting, according to two sources familiar with the decision.
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Fannie Mae's struggle to weather the storm amid the wreckage of Franklin Raines's tenure will be played out in Congress as well as in corporate boardrooms.
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Federal regulators on Tuesday are  expected to say Fannie Mae  will pay &#36;400 million for  using bad accounting to manage earnings and trigger bonuses,  according to sources briefed on the plan.
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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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US mortgage finance company Fannie Mae on Friday said it would make public information about some securities it issues to comply with new Securities and Exchange Information rules.
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U.S. mortgage finance giant Fannie Mae  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 chief executive and chief financial officer of US mortgage finance giant Fannie Mae (FNM.N: Quote, Profile, Research) stepped down late on Tuesday after
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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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NEW YORK - The board of embattled mortgage finance enterprise Fannie Mae met on Sunday and has apparently decided that Chief Financial Officer Timothy Howard will step down, the Wall Street Journal reported on Monday.
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The chief White House spokesman today announced plans to leave his post on Sept. 14.
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NASA administrator Sean O&#39;Keefe will resign his post, White House spokesman Scott McClellan said Monday. NASA sources told CNN on Sunday that O&#39;Keefe would announce his resignation Monday, but later said the announcement would come Tuesday.
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US mortgage finance giant Fannie Mae (FNM.N: Quote, Profile, Research) , which on Tuesday removed removed two top executives over major accounting problems
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Citigroup Inc Chief Executive Charles Prince plans to resign this weekend, the Wall Street Journal said, as the widening subprime mortgage crisis deals a final blow to a reign long under attack.
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WASHINGTON, DC-Fannie Mae officials have revealed in a report filed to the Securities and Exchange Commission on December 27 that recently retired chairman and CEO Franklin D. Raines is owed an annual pension of $1.3 million for as long as he lives, as
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Fannie Mae, the largest source of money for the mortgage market, said former Chief Executive Officer Franklin Raines will receive benefits including an annual payment of $1.37 million after his ouster last week.
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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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Fannie MaeÂs chief, Franklin Raines, once seen as a rising star and possible future Treasury secretary, may have to reassess his ambitions.