A Settlement for Fannie


	A Settlement for Fannie

Brian Wingfield

4-18-2008 9:51 AM

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tags:

fannie mae, mortgage, raines, settlement

Brian Wingfield says:

The more Fannie Mae can put its previous troubles behind it, the better.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/c4dc929d-1a8f-4e72-83a7-ca93bed73d1d/680225D7-E179-4575-BF30-A73D7A4C2CB7/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=ahDMAsVDCmsc" href="http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=ahDMAsVDCmsc" style="font-size: 11px;">www.bloomberg.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=ahDMAsVDCmsc"><P>      April 18 (Bloomberg) -- Fannie Mae's regulator may announce
a settlement today with former Chief Executive Officer Franklin
Raines over his role in the company's $6.3 billion of accounting
errors, according to a person familiar with the negotiations.    
        </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=ahDMAsVDCmsc"><P> The agreement includes former Chief Financial Officer
Timothy Howard and Leanne Spencer, who was the Washington-based
mortgage-finance company's controller, the Wall Street Journal
reported. Terms couldn't be determined.    
        </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=ahDMAsVDCmsc"><P> A settlement would bring to an end more than a year of
fighting between Raines, 59, and the Office of Federal Housing
Enterprise Oversight. Ofheo sued Raines, Howard, 58, and Spencer,
54, in December 2006 for more than $215 million, saying they
manipulated accounting to boost the government-chartered
company's earnings until mid-2004.    
        </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/680225D7-E179-4575-BF30-A73D7A4C2CB7/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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