354:) caused or greatly contributed to the financial crisis of 2008 is controversial. The overwhelming consensus of those who have examined the issue find that their connection in to the crisis was minor at best. The Financial Crisis Inquiry Commission (FCIC) completed its analysis of the financial crisis and found that the GSE's "contributed to the crisis, but were not a primary cause". There was a strong dissent by one member of the commission. The FCIC found that the GSE's were late to the subprime lending game, entering the market in a substantial way in 2005. The GSE's followed rather than led the race to purchase subprime loan securities. The GSE's increased their involvement in the subprime securitization market because they were significantly losing market share and were feeling less relevant in the mortgage lending marketplace. In accordance with the mission of Fannie Mae to enable home ownership by a greater proportion of the population, Franklin Raines, while chairman and CEO, began a pilot program in 1999 to ease credit requirements on loans that Fannie Mae purchased from banks. Raines promoted the program saying that it would allow consumers who were "a notch below what our current underwriting has required" to get home loans. The move was intended in part to increase the number of minority and low income home owners.
368:
analyzed the performance of roughly 25 million mortgages outstanding at the end of each year from 2006 to 2009, and found that delinquency rates for the loans that Fannie Mae and
Freddie Mac purchased or guaranteed were substantially lower than for mortgages securitized by other financial firms. This holds true even for loans to borrowers with similar credit scores or down payments. For example, data compiled by the FCIC for a subset of borrowers with scores below 660 shows that by the end of 2008, far fewer GSE mortgages were seriously delinquent than non-GSE securitized mortgages: 6.2 percent versus 28.3 percent." Although under Raines, Fannie Mae invested in some securities backed by subprime loans, it didn't start buying subprime and Alt-A loans directly (and bundling them into securities) until 2006 after Raines had left Fannie Mae. Purchasing of subprime and alt-A mortgages expanded under the guidance of Raines's successor
284:
Fannie's former chief financial officer, and Leanne G. Spencer, Fannie's former controller dismissing its charges. The three executives maintained their denial of the charges but agreed to the payment of fines totaling about $ 3 million, which were paid by Fannie's insurance policies. Raines also agreed to donate to charity the proceeds from the sale of $ 1.8 million of his Fannie stock newly issued to him by the company and to give up stock options, which were valued at $ 15.6 million when issued. The stock options however had no value. The OFHEO press release said Raines also gave up an estimated $ 5.3 million of "other benefits" said to be related to his pension and forgone bonuses. Raines denied that he gave up any such benefits or paid any money out of pocket for the settlement.
313:). Further, plaintiffs have not identified any evidence that Raines intentionally misled investors through his statements concerning the implementation and operation of these accounting policies." The judge also refused to give any credence to the original OFHEO reports. He wrote, "the OFHEO reports were part of an effort to prepare administrative charges against the individual defendants and raise substantial questions of trustworthiness." (Memorandum Opinion September 20, 2012, Judge Richard Leon, United States District Court for the District of Columbia, In re Fannie Mae Securities Litigation MDL No. 1668, Consolidated Civil Action No. 04-1639)
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364:$ 1 trillion in financing for 10 million underserved families before the decade was over ... In 2000 ... we launched a redoubled new pledge ... to provide $ 2 trillion for 18 million underserved families before this decade is over. ... we are one of the best capitalized financial institutions in the world, when compared to the risk of our business ... these assets are so riskless that their capital for holding them should be under 2 percent."
444:(the original source) described McCain's attempts to connect Obama with Raines based on their reporting as "a stretch" and said all reporting they did about the matter actually stems from a single conversation a reporter had with Raines in which she recalls Raines said he "had gotten a couple of calls from the Obama campaign". When the reporter queried Raines to the nature of the calls he said "oh, general housing, economy issues".
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336:). But the article acknowledged that it had insufficient data to confirm whether the rates were below market. He received loans for over $ 3 million while CEO of Fannie Mae. Raines has denied that he received any loan terms from Countrywide other than those for which he qualified based on his credit standing.
363:
editorial staff has noted that the expansion of easy credit to home buyers with a lesser ability to pay them back was one of the major contributing factors to the subprime mortgage crisis. Raines himself stated before
Congress, "In 1994, we launched our trillion-dollar commitment, a pledge to provide
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Civil charges were filed against Raines and two other former executives by the OFHEO in which the OFHEO sought $ 110 million in penalties and $ 115 million in returned bonuses from the three accused. On April 18, 2008, the government announced a settlement with Raines together with J. Timothy Howard,
308:
granted summary judgment to Raines and dismissed him from the suit. The judge noted that over its eight-year history "the parties produced nearly 67 million pages of documents, deposed 123 fact witnesses, and engaged 35 expert witnesses". Despite all of that discovery, Judge Leon found, "plaintiffs
316:
In a settlement with OFHEO and the
Securities and Exchange Commission, Fannie paid a record $ 400 million civil fine. Fannie, which is the largest American financier and guarantor of home mortgages, also agreed to make changes in its corporate culture and accounting procedures and ways of managing
367:
While the Fannie Mae pilot program described above sought to expand housing opportunities for under-served consumers, these loans did not result in major losses and performed significantly better than private label subprime loans. Phil
Angelides, the chair of the FCIC commented that "the FCIC
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In 2006, the OFHEO announced a suit against Raines in order to recover some or all of the $ 90 million in payments made to Raines based on the overstated earnings, initially estimated to be $ 9 billion but have been announced as $ 6.3 billion.
409:
reported that
Franklin Raines had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters". Also, in an editorial on August 27, 2008, titled "Tough Decision Coming",
191:, who served as White House budget director under President Bill Clinton. His role leading Fannie Mae has come under scrutiny. He has been called one of the "25 People to Blame for the Financial Crisis" according to
296:
A statement issued by Raines said of the consent order, it "is consistent with my acceptance of accountability as the leader of Fannie Mae and with my strong denial of the allegations made against me by OFHEO".
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reporting before the ad. The text in question consisted of one sentence in each article. After McCain's ad however, both denied that Raines was or had been a provider of advice to Obama or the Obama campaign.
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276:(OFHEO), the regulating body of Fannie Mae, of abetting widespread accounting errors, which included the shifting of losses so senior executives, such as himself, could earn large bonuses.
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called it a "paltry settlement" which allowed Raines and the other two executives to "keep the bulk of their riches". In 2003 alone, Raines's compensation was over $ 20 million.
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reporting regarding Raines and Obama. The ad also notes that "Raines made millions and then left Fannie Mae while it was under investigation for accounting irregularities".
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have not identified any evidence that Raines knew or, indeed had any reason to know, that Fannie Mae's accounting violated GAAP (
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Additionally, an email hoax falsely claimed that Raines was made "chief economic advisor" for the Obama presidential campaign.
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on behalf of Ohio state pension funds and other investors. On
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The OFHEO charges were repeated in a class action securities fraud lawsuit filed on
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reported that
Franklin Raines was one of several people who may have received below market rates loans at
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On
December 21, 2004, Raines accepted what he called "early retirement" from his position as CEO while
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The First African American To Head A Fortune 500 Company, Franklin D. Raines Take Over Fannie Mae
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investigators continued to investigate alleged accounting irregularities. He was accused by The
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and Franklin D. Raines, are former chief executives of Fannie Mae." On September 18, 2008,
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OFHEO director testimony before US Senate - Franklin Raines conduct as Fannie Mae CEO
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risk. The SEC and the Justice Department never brought any charges against Raines.
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In 1969, Raines first worked in national politics, preparing a report for the
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on the causes and patterns of youth unrest around the country related to the
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editorial staff wrote that "Two members of Mr. Obama's political circle,
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United States House Committee on Oversight and Government Reform
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because the corporation considered the officeholders "FOA's"--"
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Directors of the United States Office of Management and Budget
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Kirkpatrick, David D.; Duhigg, Charles (September 22, 2008).
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African-American members of the Cabinet of the United States
815:"Fannie, Freddie and the Financial Crisis: Phil Angelides"
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Get the Report : Financial Crisis Inquiry Commission
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Video interviews - Franklin Raines with Stephen Shepard
931:. oversight.house.gov. December 9, 2008. Archived from
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Neither Raines nor the Obama campaign had disputed the
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Director of the Office of National Drug Control Policy
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Administrator of the Environmental Protection Agency
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magazine defending Franklin Raines - October 7, 2004
1078:"Loan Titans Paid McCain Adviser Nearly $ 2 Million"
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took office in 1993, raised to cabinet-rank in 1996
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Director of the Federal Emergency Management Agency
912:"Blame Fannie Mae and Congress For the Credit Mess"
2122:Administrator of the Small Business Administration
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845:"Fannie Mae Eases Credit To Aid Mortgage Lending"
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774:"Scandal to Cost Ex-Fannie Mae Officers Millions"
726:, updated April 21, 2008. Retrieved May 26, 2019.
379:On December 9, 2008, Raines testified before the
2278:Directors of the Office of Management and Budget
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422:'s campaign published a campaign ad that quoted
1967:Director of the Office of Management and Budget
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274:Office of Federal Housing Enterprise Oversight
209:, the son of a janitor. Raines graduated from
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894:"Fannie's Perilous Pursuit of Subprime Loans"
482:"25 People to Blame for the Financial Crisis"
717:"Too Political to Fail" (Review and outlook)
1808:Secretary of Housing and Urban Development
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736:"Fannie Mae Liberals" (Review and outlook)
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18:American businessman and federal executive
2085:Chair of the Council of Economic Advisers
988:"Former Fannie, Freddie Execs to Testify"
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1133:Snopes: Barack Obama: Advice and Descent
843:Holmes, Steven A. (September 30, 1999).
311:Generally Accepted Accounting Principles
1102:Campaigns target each other's advisers
696:Article also available (no paywall) at
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270:U.S. Securities and Exchange Commission
183:(born January 14, 1949), also known as
2303:Clinton administration cabinet members
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1789:Secretary of Health and Human Services
1047:Campaigns target each other's advisers
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608:"OFHEO to Sue Former Fannie Mae Execs"
592:: CS1 maint: archived copy as title (
61:April 13, 1996 – May 21, 1998
1939:
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960:. oversight.house.gov. Archived from
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955:"Testimony of Franklin Raines (PDF)"
869:"The Real Culprits In This Meltdown"
677:Hagerty, James R. (April 19, 2008).
653:"Ex-Fannie execs face civil charges"
395:, and financial market instability.
340:Role in the subprime mortgage crisis
263:U.S. Office of Management and Budget
2293:United States presidential advisors
2273:Fannie Mae chief executive officers
651:Iwata, Edward (December 18, 2006).
13:
2263:Alumni of Magdalen College, Oxford
813:Angelides, Phil (August 3, 2011).
799:Countrywide Friends Got Good Loans
253:from 1977 to 1979. Then he joined
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536:"Senior Fannie Mae bosses resign"
251:White House Domestic Policy Staff
2054:Ambassador to the United Nations
2004:Director of Central Intelligence
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679:"Fannie Mae Ex-Officials Settle"
352:Government-Sponsored Enterprises
2258:African-American businesspeople
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874:September 23, 2008, at the
745:, updated October 14, 2004.
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399:Alleged connection to Obama
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169:Magdalen College, Oxford
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743:The Wall Street Journal
739:(subscription required)
724:The Wall Street Journal
720:(subscription required)
684:The Wall Street Journal
322:The Wall Street Journal
290:The Wall Street Journal
261:as the director of the
2298:Harvard College alumni
1889:Secretary of Education
1444:Sylvia Mathews Burwell
703:March 4, 2016, at the
259:Clinton Administration
181:Franklin Delano Raines
113:Franklin Delano Raines
1727:Secretary of Commerce
918:, September 23, 2008.
884:, September 15, 2008.
326:Countrywide Financial
302:Ohio Attorney General
255:Lazard Freres and Co.
247:Carter Administration
47:31st Director of the
2029:Trade Representative
1633:Secretary of Defense
967:on December 12, 2008
935:on November 26, 2008
756:"Top Financial News"
574:on December 13, 2006
440:In later commentary
287:A 2008 editorial in
239:Nixon administration
2043:Charlene Barshefsky
1858:Secretary of Energy
1121:The Washington Post
1035:The Washington Post
1022:The Washington Post
899:The Washington Post
614:on January 16, 2009
542:. December 22, 2004
442:The Washington Post
424:The Washington Post
412:The Washington Post
406:The Washington Post
245:. He served in the
207:Seattle, Washington
205:Raines was born in
2062:Madeleine Albright
1764:Secretary of Labor
1591:Madeleine Albright
1585:Warren Christopher
1577:Secretary of State
1178:Political offices
1082:The New York Times
1037:, August 27, 2008.
1002:on January 4, 2009
902:, August 19, 2008.
849:The New York Times
778:The New York Times
520:The New York Times
350:Whether the GSEs (
215:Harvard Law School
154:Harvard University
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2074:Richard Holbrooke
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1359:James Thomas Lynn
1349:Caspar Weinberger
1309:Percival Brundage
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1201:Succeeded by
403:On July 16, 2008
330:Friends of Angelo
223:Oxford University
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1937:
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1866:Hazel R. O'Leary
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2157:(1993–2001)*
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2130:Philip Lader
2105:Janet Yellen
2018:George Tenet
1986:
1981:Alice Rivlin
1975:Leon Panetta
1822:Andrew Cuomo
1772:Robert Reich
1716:Dan Glickman
1616:Robert Rubin
1552:(1993–2001)
1522:Bill Clinton
1403:
1399:Alice Rivlin
1394:Leon Panetta
1379:James Miller
1299:Joseph Dodge
1279:Harold Smith
1264:Clawson Roop
1259:Herbert Lord
1191:
1186:Alice Rivlin
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1085:. Retrieved
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612:the original
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185:Frank Raines
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89:Succeeded by
82:Alice Rivlin
70:Bill Clinton
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25:Frank Raines
15:
2253:1949 births
2219:(1998–2001)
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2207:(1994–1997)
2201:(1993–1994)
2182:(1996–2001)
2176:(1993–1996)
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2095:(1993–1995)
2093:Laura Tyson
2076:(1999–2001)
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2045:(1996–2001)
2039:(1993–1996)
2020:(1996–2001)
2014:(1995–1996)
1995:(1998–2001)
1989:(1996–1998)
1983:(1994–1996)
1977:(1993–1994)
1958:(1993–2001)
1924:(1998–2000)
1918:(1993–1997)
1916:Jesse Brown
1899:(1993–2001)
1880:(1998–2001)
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1618:(1995–1999)
1612:(1993–1994)
1593:(1997–2001)
1587:(1993–1997)
1524:(1993–2001)
1424:Rob Portman
1166:Appearances
1006:December 9,
971:December 9,
939:December 9,
420:John McCain
393:Freddie Mac
243:Vietnam War
77:Preceded by
2247:Categories
1672:Janet Reno
1429:Jim Nussle
1384:Jon Wright
1289:Frank Pace
1284:James Webb
1198:1996–1998
470:References
389:Fannie Mae
387:regarding
344:See also:
201:Early life
197:magazine.
189:Fannie Mae
144:Democratic
133:Washington
119:1949-01-14
1735:Ron Brown
1710:Mike Espy
1641:Les Aspin
1519:President
819:Bloomberg
760:Bloomberg
698:CorpWatch
657:USA Today
150:Education
66:President
57:In office
1993:Jack Lew
1439:Jack Lew
1409:Jack Lew
1204:Jack Lew
1105:Archived
1050:Archived
872:Archived
701:Archived
636:Archived
633:untitled
588:cite web
540:BBC News
503:Archived
451:See also
94:Jack Lew
1550:Al Gore
1535:Cabinet
1515:Cabinet
1354:Roy Ash
225:, as a
129:Seattle
1556:tenure
1170:C-SPAN
1087:May 2,
854:May 2,
784:May 2,
662:May 2,
546:May 2,
434:'s
233:Career
217:; and
135:, U.S.
1364:Lance
1159:Slate
965:(PDF)
958:(PDF)
572:(PDF)
565:(PDF)
1089:2010
1008:2008
992:Time
973:2008
941:2008
856:2010
786:2010
692:2011
664:2010
620:2006
594:link
580:2006
548:2010
487:Time
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