Ousted Fannie Mae Chairman Awaits Pension
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Franklin Raines, who was forced out as Fannie Mae's chief executive after five years, is slated to receive a monthly pension of more than &#36;114,000 for life, according to documents the mortgage lending giant filed Monday with the Securities and Exchange Commission.
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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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Fannie Mae&#39;s regulators would move to oust top executives, including Chief Executive Franklin D. Raines and CFO J. Timothy Howard, if the company&#39;s board doesn&#39;t
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Squelching speculation about how much its deposed top executives will walk away with, Fannie Mae on Monday spelled out the severance it plans to pay the two it forced out following an accounting scandal.
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The former Fannie Mae employee who assisted federal regulators in an investigation of the company's accounting will not testify at a congressional hearing next week.
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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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Fannie Mae, the US largest government-ruled mortgage lender, sees the continuation of the investigation on possible accounting violations and possible next weekâs testimony of its former employee at a Congressional hearing.
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Fannie Mae's CEO, CFO, and auditors leave before Santa arrives.
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Franklin Raines, who was forced out as Fannie Mae&#39;s chief executive after five years, is slated to receive a monthly pension of more than $114,000 for life, according to documents the mortgage lending giant filed Monday with the
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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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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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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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SAN FRANCISCO (CBS.MW) -- Fannie Mae&#39;s directors are scheduled to meet Sunday to discuss the future of Chief Executive Franklin Raines and Chief Financial Officer J. Timothy Howard, according to published reports.
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The head of the US government agency that oversees mortgage finance companies Fannie Mae and Freddie Mac will stay on after his term lapses until his successor is confirmed, his office said on Saturday.
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Federal regulators lacked the authority to block payment of more than $50 million in compensation to former Freddie Mac chief executive Leland C. Brendsel while awaiting the outcome of actions they have brought against him, a federal judge here has ruled.
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The forced departure this week of Franklin Raines as chief executive of Fannie Mae wonât end the turmoil at the nationâs second largest financial institution.
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Fannie Mae's regulator has not approved the financial terms of the exits of two top executives and the men won't get that money until investigations of the company's finances are completed, one of the company's congressional overseers said Wednesday.