Back in July, our “CEO See-ya” column called for the ouster of Fannie Mae CEO Franklin Raines, citing his company’s consistently poor financial performance and an investigation of its questionable accounting practices.
At the time Fannie Mae challenged our position, defending Raines and countering that the company’s financials actually were quite strong. It said nothing about the accounting.
We’re happy to report that Fannie Mae’s board, with considerable assistance from the Office of Federal Housing Enterprise Oversight (pesky accounting!), has come around to our thinking.