Replies to This Discussion

Permalink Reply by Joe Homs on January 10, 2012 at 7:17pm

Great news!  Now can someone please close the whole place down.  Sell all the inventory and start all over again. I wonder how much of the taxpayers money he is taking with him?

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Permalink Reply by Jill Eastman on January 10, 2012 at 7:20pm

Too much I'm sure!

 

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Permalink Reply by Tamilyn Simard on January 10, 2012 at 7:26pm

Wow, what interesting news. I got great service from Michael Williams office on FNMA issues that I had with servicers. I think he was a great asset to Fannie and did help mitigage further losses to the taxpayers.

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Permalink Reply by Cindy Billman, CDPE, SFR on January 10, 2012 at 7:31pm

I think he has decided to take his (Our) money and run!!!!

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Permalink Reply by Lehel Szucs on January 10, 2012 at 7:37pm

in the scheme of things ... who cares ... the policies are not changing just the person who carries them out ... I agree with Joe ... get rid of the entire fiasco and start from scratch .... 

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Permalink Reply by Carla Grifasi on January 10, 2012 at 7:39pm

I wonder what skeletons he is hiding?

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Permalink Reply by Trina Gonzales on January 10, 2012 at 7:41pm

I just hope we don't find a can of worms left in the corner of his office or something. Mixed emotions about the whole thing...

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Permalink Reply by Mike Linkenauger on January 10, 2012 at 7:51pm

My Biggest Question is WHY???

My second questions is HOW MUCH MONEY DID HE GET???

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Permalink Reply by John Graham on January 10, 2012 at 8:01pm

A little history:

Franklin Raines - was a Chairman and Chief Executive Officer at Fannie Mae.
Raines was forced to retire from his position with Fannie Mae when
auditing discovered severe irregularities in Fannie Mae's accounting
activities. Raines left with a "golden parachute valued at $240 Million in
benefits. The Government filed suit against Raines when the depth of the
accounting scandal became clear.


Tim Howard - was the Chief Financial Officer of Fannie Mae. Howard "was a
strong internal proponent of using accounting strategies that would ensure
a "stable pattern of earnings" at Fannie. Investigations by federal
regulators and the company's board of directors since concluded that
management did manipulate 1998 earnings to trigger bonuses. Raines and
Howard resigned under pressure in late 2004. Howard's Golden Parachute was
estimated at $20 Million!


Jim Johnson - A former executive at Lehman Brothers and who was later
forced from his position as Fannie Mae CEO. Investigators found that
Fannie Mae had hidden a substantial amount of Johnson's 1998 compensation
from the public, reporting that it was between $6 million and $7 million
when it fact it was $21 million." Johnson is currently under investigation
for taking illegal loans from Countrywide while serving as CEO of Fannie
Mae.
Johnson's Golden Parachute was estimated at $28 Million.

*****************************************************************************************

WHERE ARE THEY NOW?

FRANKLIN RAINES?
Raines works for the Obama Campaign as his Chief Economic Advisor.

TIM HOWARD?
Howard is a Chief Economic Advisor to Obama under Franklin Raines.

JIM JOHNSON?
Johnson was hired as a Senior Obama Finance Advisor and was selected to
run Obama's Vice Presidential Search Committee.

Now we will see!

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Permalink Reply by Mike Linkenauger on January 10, 2012 at 8:21pm

LOL... I can tell you aren't an Obama fan... ; v )

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Permalink Reply by John Graham on January 10, 2012 at 11:39pm

I don't think that Obama was president in 1998.  I would make the same comments no matter who is president.

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Permalink Reply by Kevin - Greenville, SC on January 10, 2012 at 8:42pm

I'll guess I will have to find the e-mail address and phone # for the next guy or gal.

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