Sources: Fannie to Announce Raines&#39;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.
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(CBS/AP) Fannie Mae, the nation&#39;s second largest financial institution, forced out two top executives as it struggles to deal with an accounting scandal which will likely force it to wipe out $9 billion in profits over the past four years.
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The board of Fannie Mae has been discussing a possible executive shake-up as the embattled mortgage giant responds to regulators&#39; allegations of accounting violations and faces a likely restatement of $9 billion or more in earnings.
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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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WASHINGTON Under heavy pressure from regulators, Fannie Mae, the US mortgage finance giant, has forced out its chairman and chief executive, Franklin Raines, days after the company was found to have violated accounting rules.
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Former Fannie Mae chairman and chief executive Franklin D. Raines, accused of manipulating the housing finance company's earnings, is challenging regulators to make their case against him beginning Feb. 16 instead of waiting until the end of the year.
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Dave Wannstedt will resign as Miami Dolphins head coach Tuesday amid his team&#39;s 1-8 season, two NFL sources told the South Florida Sun-Sentinel.
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NASA Administrator Sean O&#39;Keefe, whose tenure has been shadowed by the 2003 Columbia disaster, plans to resign as head of the US space agency, an official familiar with the decision said on Sunday.
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WASHINGTON, Aug 20  - Regulators investigating Fannie Mae&#39;s accounting practices have sent subpoenas to the No. 1 US mortgage finance company in connection with the probe, a source familiar with the matter said on Friday.
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Fannie Mae&#39;s regulators would take steps to oust top executives, including chairman and chief executive Franklin D. Raines and Chief Financial Officer J. Timothy Howard
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The ouster of Franklin D. Raines as chairman and chief executive of Fannie Mae, the mortgage finance giant, might provide an opening for long-time critics to impose
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WASHINGTON  - US mortgage finance giant Fannie Mae announced the retirement of its chief executive officer Franklin Raines and the resignation of its chief financial officer Timothy Howard, in the wake of accounting errors that will force a massive
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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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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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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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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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US mortgage finance giant Fannie Mae (FNM.N: Quote, Profile, Research) , which on Tuesday removed removed two top executives over major accounting problems