Fannie Mae Former Execs Acquiesce To $31.4M Deal

Law360, New York (April 18, 2008, 12:00 AM EDT) -- After years of legal wrangling, former Fannie Mae chief Franklin Raines and two other toppled executives have brokered a $31.4 million settlement with the U.S. government over their roles in a 2004 accounting fraud that resulted in a billion-dollar financial restatement.

Raines, former Chief Financial Officer Timothy Howard and former Controller Leanne Spencer agreed to the deal Friday, a little more than a year after they were hit with a 101-count civil suit by the Office of Federal Housing Enterprise Oversight alleging they participated in the...
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