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Employee Turnover Continues at Fannie Mae

WASHINGTON - Three more executives have stepped down from their positions with Fannie Mae in the wake of allegations that the housing Government Sponsored Enterprise violated accounting rules and will have to restate the last four years worth of earnings. They include Jonathan Boyles, who oversaw accounting policy and tax;...

By Staff Writer | Updated on February 01, 2005

WASHINGTON – Three more executives have stepped down from their positions with Fannie Mae in the wake of allegations that the housing Government Sponsored Enterprise violated accounting rules and will have to restate the last four years worth of earnings. They include Jonathan Boyles, who oversaw accounting policy and tax; Janet Pennewell, who oversaw financial reporting; and Sam Rajappa, who oversaw internal auditing. The three will remain on the payroll as advisors. In addition, Fannie Mae announced that principal accounting officer Leanne Spencer, SVP and controller, was moving in to an advisory role at the end of January and will remain on the payroll for a year unless she resigns or is fired.

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