Fannie Mae&#39;s fall from grace
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A shocking expose hit the Street last week about one of the best-loved, most all-American companies out there: Fannie Mae, the mortgage and financial services giant.
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In less than a month, Americaâs largest mortgage lender went from Wall Street sweetheart to being seen as nearly bankrupt. What happened?
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The meltdown of the subprime mortgage market is producing a whoâs who of winners and losers among hedge funds.
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The decision yesterday by Fannie Mae&#39;s board to get rid of its chief executive and chief financial officer illustrates the company&#39;s determination to try and restore its credibility
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Friends say Franklin Raines overcame race and class barriers only to plummet into an American nightmare. â¢ Experience: Chairman and CEO, Fannie Mae, 1999-2004; director, Office of Management and Budget, 1996
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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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The fallout from allegations of serious accounting problems at Fannie Mae has rattled investors and could even bump up mortgage rates down the road.
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AFTER hemming and hawing and bobbing and weaving, the board of directors of Fannie Mae finally jettisoned Franklin D. Raines, the mortgage finance giant&#39;s former chief executive, and Timothy Howard, its former chief financial officer, last week.
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September 29, 2004 - Fannie Mae, the nation&#39;s largest mortgage buyer, has signed an agreement with its regulator to fix accounting problems, raise billions of dollars in capital, and scrutinize management policies and internal controls
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Fannie Mae, the biggest buyer of US mortgages, will correct its accounting and boost capital to a level 30 percent above the required minimum after its federal regulator found errors
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Fannie Mae has long been thought untouchable because its management and board are loaded with luminaries from the governmental, lobbying and political world.
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Chairman and CEO Raines and CFO Howard depart Fannie Mae, with interim successors named. We view this as a positive for Fannie Mae, and see an improved relationship with regulator Office of Federal Housing
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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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Two regulatory agencies have concluded that Fannie Mae cut corners when it came to its accounting, and that has severely damaged its image.
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NEW YORK, November 16  - Fannie Mae (FNM.NYS) has missed the regulatory deadline for filing its 3Q04 results with the SEC, while warning of an estimated net loss of $9 billion for the quarter.
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Fannie Mae  shares fell as much as 3.5 percent on Friday, bringing losses for the week to about 16 percent, as investors grew wary of potential widespread accounting problems at the No. 1 U.S. housing finance company.
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Fannie Mae , the nation'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.