Leanne G. Spencer

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Former Fannie Execs Charged, Face 101 Counts of Misconduct

Dec 18, 2006By

The Office of Federal Housing Enterprise Oversight (OFHEO) announced that it has filed charges containing 101 counts of misconduct against three former Fannie Mae executives, former Chairman and CEO Franklin D. Raines, former Vice Chairman and Chief Financial Officer J. Timothy Howard, and former Senior Vice President and Controller Leanne G. Spencer. According to a statement issued by OFHEO, remedies sought will include civil money penalties that could exceed $100 million, disgorgement of bonuses totaling over $115 million, loss of indemnification, and debarment from participating in Enterprise affairs.