The former chairman and chief executive officer of Fannie Mae decided to pay $24.7 million to settle the case of misstated earnings at the government sponsored enterprise and his role in it.
Former Chief Financial Officer Timothy Howard will pay $6.4 million in compensation and former Washington-based company's controller Leanne Spencer will be fined for $275,000.
Raines agreed to make a settlement but still denied the allegations made against him.
The Office of Federal Housing Enterprise Oversight started the fighting against the Fannie Mae‘s executives more than a year ago. The agency tried to find the responsible for $6.3 billion in misstatements from 2001 to mid-2004 at the Federal National Mortgage Association.
Ofheo filed suits against Raines, Howard and Spencer in December 2006 for more than $215 million on suspicion of accounting manipulation in order to meet profit and bonus targets.
The USA does not have a picture of the strong Russia, and the Americans will never allow Russians become strong. Sanctions show how obvious the conflict is
Fearing that peace might break out with the two Koreas talking to each other, Washington instructed South Korean President to keep the message about anything but peace
The head of the British army, Nick Carter, said that Moscow was capable of taking "hostile actions" against the United Kingdom and NATO much earlier than expected