He made more than $20 million last year and is highly influential in Washington. But right now, no one in their right mind would want to be Fannie Mae CEO Franklin Raines.
The executive has fought a characteristically tenacious battle to protect his job and defend Fannie as allegations of serious accounting missteps have piled up. Even so, Raines could well be gone from the nation’s largest mortgage buyer by the end of this year, with his reputation in tatters. Much rests on what happens Monday.
That’s when Fannie is due to file its quarterly financial results with the Securities and Exchange Commission, which has launched a formal investigation of Fannie’s books.
Raines’ days at the company could be counted on one hand if Fannie fails to file quarterly results Monday, or if this quarterly report fails to include the usual statement from Fannie’s auditor, KPMG, that indicates it has reviewed the numbers and doesn’t see the need for material modifications.
For this complete story, please visit Fannie Fight About to Get Nastier.
