Former Fannie Mae CEO, CFO, and Controller Accused of Misconduct and Recklessnes*

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The U.S. Office of Federal Housing Enterprise Oversight has filed a notice of charges against three former Fannie Mae executives, accusing them of misconduct and recklessness. Former chairman and CEO Franklin Raines, former vice chairman and CFO J. Timothy Howard, and former senior vice president and controller Leanne Spencer are named in the suit, which seeks restitution and civil money penalties.
OFHEO made the announcement on Monday and noted that its general counsel is continuing to review other employees of the mortgage giant, which has disclosed $7.9 billion in accounting errors stemming from its derivatives and hedging activities and has undergone a massive restatement process over the past few years.

Feds Charge Three Ex-Fannie Mae Execs [CFO.com]
*or what Howard calls "a work of unsubstantiated fiction."

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