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December 2, 2009

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Regulator reviewing severance packages for Raines, Howard

Thursday, Dec. 23, 2004 | 9:38 a.m.

Fannie Mae's chief regulator is reviewing the severance packages of Chief Executive Franklin Raines and Chief Financial Officer J. Timothy Howard, who were ousted this week after the Securities and Exchange Commission said the mortgage-finance company broke accounting rules.

"The termination benefits are subject to review" by the Office of Federal Housing Enterprise Oversight, Corinne Russell, a spokeswoman for Ofheo, said today in Washington.

The dismissals came after Ofheo and the SEC said Fannie Mae made mistakes in accounting for contracts designed to protect its more than $900 billion of securities from swings in interest rates.

Future company filings with the SEC "will include information about the terms of their departures," said Janice Daue, a spokeswoman for Fannie Mae in Washington.

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