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Friday, Oct 7, 2022
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Ousted Fannie Mae CEO Could Get $1.3Million Yearly For Life

Franklin Raines, who was forced out by Fannie Mae’s board as the chief executive after five years, is slated to receive a monthly pension of more than $114,000 for life, according to documents filed with the Securities and Exchange Commission.


The documents also revealed that Raines has deferred compensation of $8.7 million to be paid out through 2020 and owns more than $5.5 million in Fannie Mae stock.


But the ex-CEO may not be taking anything to the bank any time soon: Federal regulators have asked Fannie Mae to hold off paying out any compensation to Raines until they have time to investigate the package, including whether it was appropriate for the federally chartered lender to let Raines retire early rather than be dismissed.


Chief Financial Officer Timothy Howard, who was forced out alongside Raines, will be paid $84,000 in salary through Jan. 31 and a monthly pension of $36,071 for life.

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