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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

• Fast Facts

  1. Full name: Franklin Delano Raines
  2. Born: January 14, 1949
  3. Birthplace: Seattle, Washington
  4. 1999 - 2004: CEO of Fannie Mae
  5. Three daughters
  6. Comes from a poor backgroundBusiness Week: Franklin Raines
  7. Won scholarship to HarvardBusiness Week: Franklin Raines
  8. Raines served as White House budget director under Bill Clinton
  9. Resigned from Fannie Mae on December 21, 2004

• 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)

• Related Pages on Mahalo

  Fannie Mae | Freddie Mac | Fannie And Freddie Bailout | Fannie Mae Freddie Mac Fraud | Mortgages | Subprime Mortgage Crisis | Mortgage Relief Bill | 2008 Recession | John McCain | Barack Obama | Bill Clinton

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