Fannie Mae Board Meets to Talk Shake-Up

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

Written by: Unknown Author –

http://www.insidearm.com/news/00009407-fannie-mae-board-meets-to-talk-shake-up/

With Fannie Mae engulfed in an accounting crisis, its board met Sunday to discuss a possible executive shake-up as the mortgage giant responds to regulators’ criticisms and faces a likely restatement of $9 billion or more in earnings.

Pressure to resign has been building in recent weeks on Franklin Raines, chief executive of the government-sponsored company, and its chief financial officer, Timothy Howard. A review by the Securities and Exchange Commission found last week that Fannie Mae must restate earnings back to 2001 because it violated accounting rules for derivatives, financial instruments used to hedge against interest-rate swings, and for some prepaid loans.

For this complete story, please visit Fannie Mae Board Meets to Talk Shake-Up.

Fannie Mae Board Meets to Talk Shake-Up

Unknown Author

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