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Article: Raines stays cool under fire: Fannie Mae CEO says cooperation with regulators is not admission of guilt.(Business News)
- Article from:
- Black Enterprise
- Article date:
- December 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 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)
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Franklin Raines has survived another round of scrutiny at Fannie Mae--but not without concessions as the nation's largest source of financing for home mortgages has its accounting practices investigated. In an October congressional hearing, CEO Raines deflected allegations made by the Office of Federal Housing Enterprise Oversight (OFHEO) that his company engaged in accounting improprieties that hid earnings volatility, disregarded accounting standards, and in one case, secured $3 million in bonuses for Raines and his predecessor, James A. Johnson.
"We take this report seriously," Raines told members of the House Subcommittee on Capital Markets, Insurance, and ...