Fannie Mae Confirms Top Executives Out


WASHINGTON (Reuters) - U.S. mortgage finance giant Fannie Mae (FNM.N: Quote , Profile , Research ) confirmed on Tuesday night that two top executives under fire over accounting problems were leaving the company and that it has fired its independent auditor, KPMG. Fannie Mae's embattled Chief Executive Franklin Raines is retiring and Chief Financial Officer Timothy Howard is resigning, the company said in a statement, hours after sources had divulged the departure of the two as a result of Fannie Mae board deliberations. The two executives' departure follows a Securities and Exchange Commission finding last week of extensive accounting errors, requiring what is likely to be a multibillion-dollar restatement of several years' worth of earnings. "By my early retirement, I have held myself accountable," Raines said in a three-paragraph statement in which he insisted that his actions had been taken in good faith.
Quelle "Fannie Mae Confirms Top Executives Out" : reuters.com

Main page for "Fannie Mae Confirms Top Executives Out"

.