Two Top Fannie Mae Execs Forced from Posts
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Description: Two top executives at Fannie Mae are forced out of their jobs following questions over accounting irregularities. Fannie Mae CEO Franklin Raines and Chief Financial Officer Timothy Howard stepped
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SunTrust Banks Inc., a large U.S.  southeast regional bank, on Wednesday said it fired three  finance executives, including its chief credit officer, after  uncovering problems in how it accounted for bad loans.
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Armando Falcon Jr., director of the agency that regulates mortgage funding giants Fannie Mae and Freddie Mac, appears likely to stay on the job past the expiration of his five-year term next month, though he submitted his resignation more than a year and half ago under pressure from the White House.
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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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The staff of the Securities and Exchange Commission has ordered Fannie Mae, the nation&#39;s largest buyer of mortgages, to restate its earnings over the last four years
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WASHINGTON - It&#39;s up to the board of Fannie Mae to decide whether top managers should be removed in the wake of the mortgage giant&#39;s accounting crisis, HUD Secretary Alphonso Jackson said Wednesday.
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Dutch  retailer Ahold's former chairman and its ex-finance officer are barred from executive posts as part of a US fraud case settlement.
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For accountant Roger Barnes, the final straw came when he was deliberately excluded last fall from Fannie Mae&#39;s preparation for a special review by federal regulators.
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Fannie Mae, the nation's largest buyer of home mortgages, said yesterday that it would deny its top executives their 2004 bonuses and that it had replaced its controller.
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Fannie Mae, the mortgage finance giant, said yesterday that its regulator would review the benefits the company planned to pay its former top two officers, Franklin D. Raines and J. Timothy Howard, after their ouster last week.
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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 directors of Fannie Mae, the big mortgage finance company, will meet Sunday to consider the fate of two senior executives who signed off on financial statements
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Fannie Mae will withhold $44.4 million in long-term incentive pay to former and current executives, the company said.
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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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The stock sale pricing announcement comes eight days after Franklin Raines stepped down as Fannie Maeâs chief executive and Timothy Howard stepped down as its finance chief.
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Fannie Mae's CEO, CFO, and auditors leave before Santa arrives.
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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.