Fannie Mae Executives Defend Decisions
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Fannie Mae executives defended themselves on Wednesday against government allegations they manipulated accounting to hide earnings swings, saying they and their auditors believed they were properly applying complex standards that
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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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Regulators need not lift investment caps on Fannie Mae  and Freddie Mac  in order to rescue troubled subprime borrowers, but new loan products could help some avoid foreclosure, Federal Reserve Chairman Ben Bernanke said in a letter released on Wednesday.
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Managers of mortgage finance company Fannie Mae will defend themselves before Congress Wednesday amid government findings that they broke accounting rules to deliver steady earnings growth quarter after quarter.
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The attorney general of Ohio said on Wednesday his office was considering bringing a shareholder lawsuit against mortgage buyer Fannie Mae over disclosures of subprime holdings.
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WASHINGTON Oct. 6, 2004 - Fannie Mae&#39;s chief executive and another top official on Wednesday defended the mortgage giant&#39;s accounting and told Congress that regulators&#39; allegations of earnings manipulation represent an interpretation of complex rules.
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Fannie Mae executives and their  regulator squared off on Wednesday, with executives denying any  accounting irregularity and the regulator saying the housing  finance company's management may have to go.
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Former Fannie Mae chairman Franklin D. Raines has mounted a new challenge to the government's power over the federally chartered mortgage funding company, arguing that regulators have no authority to delay his receipt of a $3.9 million stock award.
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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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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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Wednesday's disclosure that government regulators have raised safety and soundness questions about mortgage finance giant Fannie Mae has given new ammunition to critics of the company and its sister firm, Freddie Mac.
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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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(CBS/AP) Fannie Mae, the nation&#39;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.
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Fannie Mae&#39;s regulator has not approved the financial terms of the exits of two top executives and the men won&#39;t get that money until investigations of the company&#39;s finances are completed
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Fannie Mae's current and former executives should be forced to return any portion of millions of dollars in bonuses they received since 2001 that were based on faulty bookkeeping, a top congressional overseer of the housing finance company has told its regulator.
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SAN FRANCISCO (CBS.MW) -- Troubled mortgage giant Fannie Mae said in a securities filing late Monday that the Office of Federal Housing Enterprise Oversight will review termination compensation for its outgoing executives, Chairman and Chief Executive
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Federal regulators have found evidence suggesting that mortgage giant Fannie Mae manipulated earnings to facilitate bigger bonuses to executives