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Curb Sought On Fannie Mae RegulatorFannie Maes former chief executive, Franklin D. Raines, asked a federal appeals court yesterday to bar the companys regulator from ruling on a lawsuit seeking more than $84 million in penalties against him. James B. Lockhart, director of the Office of Federal Housing Enterprise Oversight, has prejudged the charges against him and cannot serve as the impartial decision maker that due process requires, Mr. Raines said in a filing with the United States Court of Appeals for the District of Columbia Circuit. A spokeswoman for the agency, Corinne Russell, declined to comment. On Dec. 18, it sued Mr. Raines; a former chief financial officer, J. Timothy Howard; and Fannie Maes former controller, Leanne G. Spencer, for more than $215 million, citing their roles in profit overstatements of $6.3 billion from 2001 until mid-2004. The agencys complaint, filed with an administrative law judge, said Mr. Howard, Mr. Raines and Ms. Spencer manipulated bookkeeping at Fannie Mae, the largest American mortgage finance company, to meet earnings targets and increase their bonuses. Mr. Lockhart has the authority to review the findings of an administrative law judge. Mr. Raines, Mr. Howard and Ms. Spencer called on him to recuse himself from the case. The agency seeks more than $100 million in civil penalties and the recovery of bonuses exceeding $115 million. From 1998 to 2003, Mr. Raines got performance-linked pay totaling $84.5 million, the federal office said. Tag CloudExternal InformationAdditional InformationProspects of cheaper loans hit as inflation forecast sends Libor soaring...Big Utility Says It Will Settle 8-Year-Old Pollution Suit... Hurricane Fears Cost Homeowners Coverage... Mexicans Miss Money From Relatives Up North... Where Am I?News Main Page - Business - Curb Sought On Fannie Mae Regulator |
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