Fannie Mae&#39;s fall from grace
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A shocking expose hit the Street last week about one of the best-loved, most all-American companies out there: Fannie Mae, the mortgage and financial services giant.
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If Fannie Mae (FNM) is hampered by new limits on its operations, shareholders of the USA&#39;s biggest mortgage-investment company are likely to feel the pinch more than the nation&#39;s mortgage borrowers.
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The forced departure this week of Franklin Raines as chief executive of Fannie Mae wonât end the turmoil at the nationâs second largest financial institution.
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The chief executive and top financial officer at mortgage giant Fannie Mae were forced out of the company Tuesday as the nation&#39;s second largest financial institution struggled to deal with revelations of serious financial reporting problems.
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Our business is the American Dream. That&#39;s the slogan of Fannie Mae, the nation&#39;s largest backer of home mortgages. The institution was chartered in 1938 to expand home ownership, but its leadership today
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Many investors fall behind because they misunderstand.
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Fannie Mae and Freddie Mac have long been synonymous with home ownership. Now those names are also disconcertingly associated with corporate wrongdoing.
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Chairman and CEO Raines and CFO Howard depart Fannie Mae, with interim successors named. We view this as a positive for Fannie Mae, and see an improved relationship with regulator Office of Federal Housing
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Fannie Mae will announce tonight that chairman and chief executive Franklin D. Raines has resigned, according to two sources familiar with the decision. The action comes just days after U.S. securities regulators confirmed that the mortgage industry giant had made serious and costly errors of financial reporting, according to two sources familiar with the decision.
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Fannie Mae, the biggest provider of money for the US mortgage industry, sold $5 billion of preferred stock Wednesday after its regulator said it broke accounting rules and is &#39;&#39;significantly undercapitalized.
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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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Regulators have discovered serious accounting problems at mortgage giant Fannie Mae , prompting an inquiry by the Securities and Exchange Commission and calling into question its financial soundness, the company disclosed yesterday. Its shares fell nearly 7 percent.
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Fannie Mae , the nation'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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SAN FRANCISCO (CBS.MW) -- Fannie Mae stock fell 3.1 percent in after-hours trading Tuesday after the mortgage giant disclosed that the Securities and Exchange Commission&#39;s investigation into the company&#39;s accounting had escalated into a formal probe.
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Fannie Mae&#39;s chairman and CEO bet that his political prowess could protect him from an accounting scandal. He was wrong. Franklin D. Raines, long known for his steady hand and deep Washington connections, staked
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The vaunted political and financial skills of Fannie Mae Chief Executive Franklin Raines may not be enough to save him professionally after a scathing regulatory report last week detailed pervasive accounting lapses at the mortgage finance company.
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The chief executive and chief finance officer of America&#39;s second-largest financial institution, mortgage provider Fannie Mae, have stepped down following a row over accounting irregularities.