BusinessCompany NewsFannie Mae CFO misses out on £1.7m

Fannie Mae CFO misses out on £1.7m

Executives who led company during accounting scandal won’t get payouts

Timothy Howard, the former chief financial officer at mortgage finance
company Fannie Mae, will not be paid a
bonus of $3.4m (£1.7m) after the company decided to withhold payments of more
than £22m owed to former executives who led the company during the years of its
faulty accounting.

Howard, who resigned in December
2004, Daniel
Mudd
, the company’s current chief executive and Franklin Raines, the former
chief executive, will all not receive million dollar bonuses earned under a
previous incentive scheme.

The decision was taken by Fannie Mae and published as part of a regulatory
filing with the SEC.

In a statement, the company’s regulator, the Office of Federal Housing
Enterprise Oversight, said that it ‘concurs with the decision’ to withhold the
pay ‘for 46 former and present senior executives for the years 2001-2003 and
2002-2004’.

Further reading:

Fannie Mae executives charged with fraud

KPMG to countersue Fannie Mae

Fannie Mae spends $1bn on restatements

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