Leanne Spencer, a former senior vice president and controller at Fannie Mae, was dropped from a shareholders’ securities fraud suit over claims she helped hide a $6.3 billion overstatement of earnings from 2001 to 2004.
Former Fannie Mae Chairman Franklin Raines was dropped from a securities fraud lawsuit brought against him by shareholders for conduct related to the company’s $6.3 billion overstatement of earnings from 2001 to 2004.
Former Fannie Mae Chief Financial Officer J. Timothy Howard was dropped from a shareholders’ securities fraud suit that claimed he hid the company’s $6.3 billion overstatement of earnings from 2001 to 2004.
The first sign of what would ultimately become a $3 billion fraud surfaced Jan. 11, 2000, when Fannie Mae executive Samuel Smith discovered Taylor, Bean & Whitaker Mortgage Corp. sold him a loan owned by someone else.
Countrywide Financial Corp. gave discount loans to former and current members of the U.S. Congress and executives at Fannie Mae as it lobbied to scuttle legislation that would have diminished its sale of sub-prime mortgages, according to a report released today by House Oversight and Government Reform Committee Chairman Darrell Issa.
White House Budget Director Peter Orszag was poised to become the first member of Barack Obama’s Cabinet to leave, as early as this summer. Then came an appeal from the president insisting that he reconsider.
Daniel Mudd , the former head of Fannie Mae , became the latest target in a probe by U.S. regulators of whether financial institutions were honest with investors about their exposure to subprime loans.