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Overview
Franklin Raines served as CEO of Fannie Mae from 1999-2004. Forced to resign after an accounting scandal that overstated earnings by $6.3 billion. The company paid $400 million in fines.
Key Affiliations
Controversies & Concerns
$6.3 billion accounting scandal at Fannie Mae
Received $90 million in compensation based on inflated earnings
SEC civil charges settled for $24.7 million
Related Investigations (1)
Personal Information
Education
- •Harvard University
- •Oxford University (Rhodes Scholar)
Key Timeline
1999
Becomes CEO of Fannie Mae
2004
Forced to resign amid accounting scandal