Fannie Mae Board Weighs Management Change
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The board of embattled mortgage finance enterprise Fannie Mae met on Sunday to discuss whether to make changes to top management, a source close to the situation said.
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Will he stay or will he go? Franklin Raines still has his job as chief executive of Fannie Mae (nyse: FNM - news - people ), but an executive shakeup was on the agenda when the mortgage giant&#39;s board met Sunday.
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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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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 board, responding to accusations of improper accounting at the giant mortgage finance company, has agreed to a 30 per cent rise in minimum capital requirements and to much tighter control by regulators.
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Fannie Mae&#39;s accounting crisis has taken a turn with its outside auditor KPMG refusing to sign off on its third-quarter earnings report, causing the mortgage giant to miss a regulatory deadline for filing it.
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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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Management changes might make this a good value play.
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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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In the spring of 2000, Fannie Mae, the giant housing-finance company, was pleading with accounting rulemakers to preserve a &quot;shortcut&quot; around new requirements that would be costly to implement while making earnings less predictable.
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Fannie Mae&#39;s board has reached a decision on management changes in the wake of the accounting turmoil at the mortgage giant and will announce the changes later Tuesday, The Wall Street Journal says on its Web site, quoting an unnamed source.
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December 20, 2004 - Fannie Mae, which faces a possible $9 billion restatement, is also looking at yet another investigation and the possibility of a management shake-up at the top.
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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.
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SAN FRANCISCO (CBS.MW) -- After a week of auditing shocks, Fannie Mae investors face the prospect of shakeups at the mortgage giant&#39;s top levels.
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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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The forced departure of Franklin D. Raines as chief executive of Fannie Mae hardly ends the turmoil at the nation&#39;s second largest financial institution.
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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.