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WASHINGTON – In a not-so-unexpected move to many mortgage lending experts and analysts, Fannie Mae CEO and Chairman Franklin Raines announced his retirement from the agency Dec. 21. Chief Financial Offer J. Timothy Howard resigned the same day. The announcements were the latest developments stemming from the accounting scandal surrounding Fannie Mae. Holding himself accountable for the alleged accounting errors, Raines stated in a published statement that, “I previously stated that I would hold myself accountable if the SEC determined that significant mistakes were made in the Company’s accounting. Although, to my knowledge, the Company has always made good faith efforts to get its accounting right, the SEC has determined that mistakes were made. [email protected]

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