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Fannie Mae's CEO, CFO Step Down

By Jack Speer
Published December 20, 2004 at 9:00 PM PST

Fannie Mae's Franklin Raines retires as CEO, and Timothy Howard resigns as CFO of the mortgage giant. This comes a few weeks after the Securities and Exchange Commission told Fannie Mae to restate its earnings, which could force the company to record a loss of as much as $9 billion. Hear NPR's Jack Speer.

Copyright 2004 NPR
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Jack Speer
Jack Speer is a newscaster at NPR in Washington, DC. In this role he reports, writes, edits, and produces live hourly updates which air during NPR programming.