Former Exec Settles Pay Dispute With Fannie Mae

Law360, New York (November 15, 2006, 12:00 AM EST) -- Former Fannie Mae executive Franklin Raines, who left the company two years ago amid allegations that he inflated earnings statements, recently agreed to a settlement with the financing company over part of his pay.

In documents filed Tuesday with the U.S. Securities and Exchange commission, government-sponsored mortgage conglomerate Fannie Mae revealed it will pay Raines approximately $2.6 million of deferred compensation in one lump sum.

The settlement was reached by the two parties last week and approved by an arbitrator on Sunday.

Raines, who was forced...
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