Directors of

Fannie Mae

(FNM)

reportedly are on the verge of ousting the company's CFO, after the company was ordered to restate its earnings last week by the

Securities and Exchange Commission

.

Board members at a daylong meeting Sunday reached a general consensus calling for the firing of Timothy Howard, the company's 56-year-old CFO, according to

The Wall Street Journal

. No such consensus was reached on CEO Franklin Raines, however, and a decision on his fate was deferred.

Sunday's meeting came five days after the SEC ruled Fannie Mae had misapplied accounting rules and must restate four years of financial reports to eliminate $9 billion of improperly recognized income. The $9 billion relates to the derivatives contracts Fannie uses to hedge its giant pool of mortgages and mortgage bonds.

The

Journal

cited a person familiar with the situation who said the 55-year-old Raines has told friends and colleagues that he has done nothing to warrant dismissal.