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Fannie Mae - A Brief History

Fannie Mae - A Brief History

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Published by chunga85
Don't bother apologizing fellas, they will be rejected. Your legacies have been firmly cemented in the history books.
Don't bother apologizing fellas, they will be rejected. Your legacies have been firmly cemented in the history books.

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Published by: chunga85 on Mar 05, 2012
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12/03/2012

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WITH THESE PEOPLE RUNNING FANNIE MAE WHAT COULD GO WRONG?FRANKLIN RAINES [D]
 – 
FNMA CEO (1999
 – 
2004)
 
Raines accepted “early retirement”from his CEO position while the SEC pretended to investigate accounting irregularities. Fannie’s
own OHFHEO also accused him of abetting widespread accounting errors, including the shifting
of losses, so he and his fellow execs could “earn” large bonuses. The WSJ reported back in 2008
that Raines was one of several cronies that received below market rates for mortgages from
Countrywide. Raines alone receive loans for over $3 million while CEO of FNMA. Raines’compensation for his “work” at FNMA
- $90 million.
RAINES GRADE
 – 
FDANIEL MUDD [R]
 – 
FNMA CEO (2005
 – 
2008)
Before becoming CEO of FNMA, Muddworked at the Office of the Secretary of Defense, was an advisor to Asia-Pacific Economic
Corp., “served” on the board of the Council of Foreign Relations, “consulted” at the World
Bank, and held many positions at GE Capital including president and CEO. Mudd was dismissedas CEO of FNMA when FHFA became conservator in 2008. In 2011 Mudd and other GSE execswere charged by SEC with securities fraud. After his career at FNMA Mudd became CEO of a
 NYC hedge fund named “Fortress”. Fortress invested in purchasing t
ax liens on delinquent
 property taxes from local governments under many benign corporate names such as “PleasantValley Capital” and “Travis Farm Investments”. Cozy. Mudd’s compensation for his “work” at
FNMA - $80 million.
MUDD GRADE
 – 
FNEEL KASHKARI [R]
 – 
FNMA CEO (Tenure is murky)
Kashkari was a former investment
 banker for Goldman Sachs, was tapped by Hank “The Shank” Paulson to lend his skills over atTARP HQ, and now rather ironically, continues God’s work as a Managing Director at PIMCO.
Kash
kari’s compensation for his “work” at FNMA is also murky; I’ll just assume it was too
much.
KASHKARI GRADE - FHERB ALLISON [D]
 – 
FNMA CEO (2008
 – 
2009)
The esteemed Mr. Allison was quickly
whisked off to oversee the wildly successful TARP program. I didn’t find mu
ch on hiscompensation during his brief stint as FNMA CEO. Allison served in various positions at MerrillLynch and became a member of the board in 1997. He was a director of the NYSE from 2003
 – 
 2005.
ALLISON GRADE
 – 
F

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