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Raines Falls at Fannie Mae

Stock quotes in this article: FNM  

Updated from 7:52 p.m.

Under pressure from regulators, Fannie Mae's board ousted its top two executives in the midst of a deepening accounting scandal.

CEO Franklin Raines and CFO Timothy Howard were forced out Tuesday. The move came as Fannie's regulator, the Office of Federal Housing Enterprise Oversight, issued a statement indicating that the company is "significantly undercapitalized," suggesting Fannie might not have the financial wherewithal to survive a market shock or similar event. ...

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