Fannie Mae's Top Executives Leaving Firm

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00003131-fannie-maes-top-executives-leaving-firm/

Franklin D. Raines stepped down yesterday as chairman and chief executive of Fannie Mae, as the company’s directors ended days of tense and emotional deliberations and bowed to pressure from regulators who wanted him out.

J. Timothy Howard, the company’s longtime chief financial officer, also is leaving. Raines’s departure was structured as an early retirement. Howard resigned.

The departures come less than a week after the Securities and Exchange Commission directed the giant mortgage-funding company to make accounting corrections that could erase $9 billion of past profit.

For this complete story, please visit Fannie Mae’s Top Executives Leaving Firm.

Fannie Mae's Top Executives Leaving Firm

Unknown Author

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