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- Full name: Franklin Delano Raines
- Born: January 14, 1949
- Birthplace: Seattle, Washington
- 1999 - 2004: CEO of Fannie Mae
- Three daughters
- Comes from a poor backgroundBusiness Week: Franklin Raines
- Won scholarship to HarvardBusiness Week: Franklin Raines
- Raines served as White House budget director under Bill Clinton
- Resigned from Fannie Mae on December 21, 2004
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Franklin Raines is the former chairman and chief executive officer of federally backed mortgage lender Fannie Mae. In 2004, Raines was implicated in the Fannie Mae misstated earnings scandal. The accounting inaccuracies amounted to 40 percent of the financial institution's stated profits from 2001 to mid-2004.Business Week: Franklin Raines
In December 2008, Raines testified before a congressional panel about the state of the company's affairs. Lawmakers accused Raines and other former Fannie Mae executives of taking on too many risky mortgages and contributing to the ongoing U.S. mortgage crisis.Bloomberg.com: Raines Faults Regulators for Fannie, Freddie Missteps
McCain Ad
In 2008, then-Republican presidential candidate John McCain suggested in an ad that opponent Barack Obama was taking advice from Raines, a decision that showed Obama was unfit to lead the country. According to the McCain campaign, Raines advised Obama on mortgage and housing policy.CNN: Economy takes center stage in bruising political ads(September 19, 2008) Some commentators said the ad was motivated by racism (Raines is African-American).TIME: McCain Plays the Race Card (September 19, 2008)-
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Franklin Raines Questions
what was Franklin Raines compensation package from freddy mae? 1 AnswerIt is reported that his compensation from 1998 through 2004 was $91.1 million. This amount includes $52.6 million in bonuses. As part of the Fanny Mae settleme... read more
Kapaa rain 1 AnswerLess than 1/10th of a percent. There is a 20-30% chance of scattered showers for the next few days. read more
Whats your advice for driving in the rain? 15 AnswersDriving in the rain is not difficult if you are prepared. 1) Leave a few minutes early. 2) Adjust for conditions by slowing down, adjusting wiper speed, repla... read more
What do you do with your hair when it is raining? 1 AnswerWell.... I used to have a lot of problems with my hair. I hated having it short because my hair is wavy and when it gets wet/damp it'll curl and bend after I s... read more
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