21 Facts About Franklin Raines

Franklin Delano Raines was born on January 14,1949 and known as Frank Raines is an American business executive.

Franklin Raines is the former chairman and chief executive officer of the Federal National Mortgage Association, commonly known as Fannie Mae, who served as White House budget director under President Bill Clinton.

Franklin Raines's role leading Fannie Mae has come under scrutiny.

Franklin Raines has been called one of the "25 People to Blame for the Financial Crisis" according to Time magazine.

Franklin Raines graduated from Harvard College, Harvard Law School; and Magdalen College, Oxford University, as a Rhodes Scholar.

In 1969, Franklin Raines first worked in national politics, preparing a report for the Nixon administration on the causes and patterns of youth unrest around the country related to the Vietnam War.

Franklin Raines served in the Carter Administration as associate director for economics and government in the Office of Management and Budget and assistant director of the White House Domestic Policy Staff from 1977 to 1979.

On December 21,2004, Franklin Raines accepted what he called "early retirement" from his position as CEO while US Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities.

Franklin Raines was accused by The Office of Federal Housing Enterprise Oversight, 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.

Franklin Raines 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 OFHEO press release said Franklin Raines gave up an estimated $5.3 million of "other benefits" said to be related to his pension and forgone bonuses.

Franklin Raines denied that he gave up any such benefits or paid any money out of pocket for the settlement.

On September 20,2012, Federal District Court Judge Richard Leon granted summary judgment to Franklin Raines and dismissed him from the suit.

Further, plaintiffs have not identified any evidence that Franklin Raines intentionally misled investors through his statements concerning the implementation and operation of these accounting policies.

Franklin Raines received loans for over $3 million while CEO of Fannie Mae.

Franklin Raines has denied that he received any loan terms from Countrywide other than those for which he qualified based on his credit standing.

Franklin 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.

On December 9,2008, Franklin Raines testified before the United States House Committee on Oversight and Government Reform on Capitol Hill regarding Fannie Mae, Freddie Mac, and financial market instability.

On July 16,2008 The Washington Post reported that Franklin Raines had "taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters".

The ad notes that "Franklin Raines made millions and then left Fannie Mae while it was under investigation for accounting irregularities".

Additionally, an email hoax falsely claimed that Franklin Raines was made "chief economic advisor" for the Obama presidential campaign.