Franklin Delano Raines (born January 14, 1949 in Seattle, Washington) is the former chairman and chief executive officer of Fannie Mae who served as White House budget director under President Bill Clinton. January 14 is the 14th day of the year in the Gregorian calendar. ... 1949 (MCMXLIX) was a common year starting on Saturday (the link is to a full 1949 calendar). ... Nickname: The Emerald City Location of Seattle in King County and Washington Coordinates: Country United States State Washington County King Incorporated December 2 1869 Mayor Greg Nickels (D) Area    - City 369. ... The United States Federal Government created the Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, in 1938 to establish a secondary market for mortgages insured by the Federal Housing Administration (FHA). ...

The son of a Seattle janitor, Raines graduated from Harvard University, Harvard Law School; and Magdalen College, Oxford University as a Rhodes Scholar. He served 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. Then he joined Lazard Freres and Co., where he worked for 11 years and became a general partner. In 1991 he became Fannie's Mae's Vice Chairman, a post he left in 1996 in order to become Director of the U.S. Office of Management and Budget, where he served until 1998. In 1999, he returned to Fannie Mae as CEO, one of just a few African American CEOs of Fortune 500 companies. Harvard University (incorporated as The President and Fellows of Harvard College) is a private university in Cambridge, Massachusetts. ... Harvard Law School (HLS) is one of the professional graduate schools of Harvard University. ... College name Magdalen College Collegium Beatae Mariae Magdalenae Named after Mary Magdalene Established 1458 Sister College Magdalene College President Professor David Clary FRS JCR President Iain Anstess Undergraduates 395 MCR President Kader Allouni Graduates 230 Homepage Boatclub Magdalen College (pronounced ) is one of the constituent colleges of the University of... The University of Oxford, located in the city of Oxford in England, is the oldest university in the English-speaking world. ... Rhodes House in Oxford Rhodes Scholarships were created by Cecil John Rhodes. ... For the album by Ash, see 1977 (album). ... This page refers to the year 1979. ... 1991 (MCMXCI) was a common year starting on Tuesday of the Gregorian calendar. ... The Office of Management and Budget (OMB) is a body within the Executive Office of the President of the United States which is tasked with coordinating United States Federal agencies. ... An African American (also Afro-American, Black American, or simply black) is a member of an ethnic group in the United States whose ancestors, usually in predominant part, were indigenous to Africa. ... Chief Executive Officer (CEO) is the job of having the ultimate executive responsibility or authority within an organization or corporation. ... The Fortune 500 is a ranking of the top 500 United States corporations as measured by gross revenue. ...

On December 21, 2004 Raines accepted what he called "early retirement" [1] from his position as CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. He is accused by The Office of Federal Housing Enterprise Oversight (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 [2]. December 21 is the 355th day of the year (356th in leap years) in the Gregorian calendar. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... The U.S. Securities and Exchange Commission, commonly referred to as the SEC, is the United States governing body which has primary responsibility for overseeing the regulation of the securities industry. ...

In 2006, the OFHEO announced a suit against Raines in order to recover some or all of the $50 million in payments made to Raines based on the overstated earnings [3] initially estimated to be $9 billion but have been announced as $6.3 billion. 2006 (MMVI) is a common year starting on Sunday of the Gregorian calendar. ...

Directors of the United States Office of Management and Budget
Dawes • Lard • Roop • Douglas • D W Bell • Smith • Webb • Pace • Lawton • Dodge • Hughes • Brundage • Stans • D E Bell • Gordon • Schultze • Zwick • Mayo • Shultz • Weinberger • Ash • Lynn • Lance • McIntyre • Stockman • Wright • Miller • Wright • Darman • Panetta • Rivlin • Raines • Lew • Daniels • Bolten • Portman

The Office of Management and Budget (OMB) is a body within the Executive Office of the President of the United States (EOP) which is tasked with coordinating United States Federal agencies. ... Image File history File links OMB Seal (modified, from their web site) However, this seal is also found on the Web Site of the United States Trade Representative. ... Charles Gates Dawes (August 27, 1865 – April 23, 1951) was an American banker and politician who was the 30th Vice President of the United States. ... Herbert Lard was a Director of the United States Office of Management and Budget. ... Clawson Roop was a Director of the United States Office of Management and Budget. ... Lewis Douglas on the cover of Time Magazine Lewis Williams Douglas (July 2, 1894 – March 7, 1974) was an American politician, diplomat, businessman and academic. ... James E. Webb James Edwin Webb (October 7, 1906–March 27, 1992) was the second administrator of NASA, serving from February 14, 1961 to October 7, 1968. ... Frank Pace, Jr. ... Joseph Dodge was a chairman of the Detroit Bank, and later served as an economic advisor for postwar economic stabilization programs in Germany and Japan. ... Maurice Stans Maurice Hubert Stans (March 22, 1908 - April 14, 1998) was the finance chairman for the commmittee to re-elect United States President Richard Nixon (CREEP). ... Kermit Gordon (1916, Philadelphia, Pennsylvania-1976, Washington, D.C) was Director of the United States Bureau of the Budget(now the Office of Management and Budget) (December 28, 1962 - June 1, 1965) during the administrations of Presidents John Kennedy and Lyndon Johnson and President of the Brookings Institution. ... Charles L. Schultze (1924-) is an economist and public policy analyst. ... Shultz in his official D.O.L. portrait. ... Caspar Weinberger in his official Department of Defence publicity photo circa 1983. ... Roy L. Ash (born 1918 in Los Angeles, California-) was the co-founder and president of Litton Industries and director of the Office of Management and Budget (February 2, 1973 - February 3, 1975) during the Nixon and Ford Administrations. ... James Thomas Lynn (born 1927) was a U.S. administrator. ... Thomas Bertram Lance, known as Bert Lance, was director of the Office of Management and the Budget (OMB) during the presidency of Jimmy Carter. ... David Alan Stockman (born November 10, 1946) is a U.S. politician and businessman, serving as U.S. Representative from the state of Michigan 1977-1981 and as the Director of the Office of Management and Budget 1981-1985. ... Joseph Robert Wright Jr. ... James C. Miller III (born June 25, 1942 in Atlanta, Georgia) is a former U.S. government official and economist who served as chairman of the Federal Trade Commission between 1981 and 1985 and as Budget Director for President Ronald Reagan between 1985 and 1988. ... Joseph Robert Wright Jr. ... Richard (Dick) Gordon Darman was born May 10, 1943. ... Leon Edward Panetta (born June 28, 1938) is a former White House Chief of Staff to Bill Clinton, a former member of the United States House of Representatives, and the founder and director of the Panetta Institute. ... Alice Rivlin Alice Mitchell Rivlin (born March 4, 1931 in Philadelphia) is an economist and expert on the American budget. ... Jacob Jack J. Lew (born August 29, 1955 in New York, New York) was Director of the Office of Management and Budget during the Clinton Administration from July 31, 1998 to January 20, 2001. ... Mitchell Elias Daniels, Jr. ... Joshua Brewster Bolten (born August 16, 1955[], although other sources list his year of birth as 1954) is an American who was named as U.S. President George W. Bushs second White House Chief of Staff on March 28, 2006, replacing Andrew Card on April 14, 2006. ... Rob Portman speaks on March 17, 2005 at the White House ceremony at which President George W. Bush nominated him to be the next U.S. Trade Representative. ...

External links

• OFHEO Director Testimony before US Senate - Franklin Raines conduct as Fannie Mae CEO
• Video Interviews - Franklin Raines With Stephen Shepard
• Article by Henry Blodget of Slate Magazine Defending Franklin Raines - October 7, 2004