Franklin Raines

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

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)