|
|
Article: Raines bullish on housing: Fannie Mae CEO unconcerned about potential bubble. (Newsmakers).(Franklin D. Raines, Federal National Mortgage Association)
- Article from:
- Black Enterprise
- Article date:
- May 1, 2003
- Author:
CopyrightCOPYRIGHT 2003 Earl G. Graves Publishing Co., Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Franklin D. Raines has a lot to smile about. In mid-January, the Federal Mortgage Loan Association, better known as Fannie Mae, accomplished something that's rather uncommon these days--increased profits. Operating net income for fiscal 2002 rose 19.1% to $6.4 billion, or $6.31 on $10.6 billion in net interest income. And while Wall Street remains jittery after a slew of corporate scandals, economic uncertainty, and whispers of housing bubbles, Fannie Mae's 54-year-old chief executive is at the helm of a financial products and services giant that posted its 16th consecutive year of double-digit earnings growth.
Raines is a steadfast in his approach despite ...