Fannie Mae&#39;s CEO, CFO Step Down
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Description: Fannie Mae&#39;s Franklin Raines retires as CEO, and Timothy Howard resigns as CFO of the mortgage giant. This comes a few weeks after the Securities and Exchange Commission told Fannie Mae to restate
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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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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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Franklin Raines, the head of Fannie Mae, the giant mortgage loan holder, took issue with every major damaging conclusion of the company&#39;s regulator yesterday in an embattled appearance before a House subcommittee.
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SAN FRANCISCO (CBS.MW) -- Fannie Mae&#39;s outgoing Chairman and Chief Executive Franklin Raines is set to retire with a seven-figure pension and millions in stock options, the mortgage giant said in a regulatory filing Monday.
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The turnover at Fannie Mae continued as three more executives who shared responsibility for the mortgage-funding company's accounting stepped down late last week.
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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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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.
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Under pressure from regulators, Fannie Mae ousted chief executive Franklin D. Raines and Chief Financial Officer J. Timothy Howard and replaced KPMG as its auditor.
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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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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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The chief executive and chief  financial officer of U.S. mortgage finance giant Fannie Mae  stepped down late on Tuesday after regulators exposed  accounting errors that are expected to force a massive earnings  restatement.
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First it was the CEO, and now the CFO has left, too. What should shareholders be thinking?
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Former chief financial officer steps down from company's board amid an investigation into stock option grants.
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James Cayne, the chief executive of Bear Stearns, is reported to be planning to step down soon.
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The chief financial officer of Circuit City Stores Inc.  is leaving the consumer electronics retailer to become finance chief at Petco Animal Supplies Inc., the companies said on Friday.
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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.