WASHINGTON: The chief executive and chief financial officer of US mortgage finance giant Fannie Mae stepped down late on Tuesday after regulators exposed accounting errors that are expected to force a massive earnings restatement.
Fannie Mae's board of directors announced that CEO Franklin Raines was retiring and chief financial officer Timothy Howard was resigning. After months of drama about Fannie Mae's operating methods, the Securities and Exchange Commission last week determined the company would have to correct substantial errors in its financial reports. – Reuters
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