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WASHINGTON, Dec. 21 (UPI) -- Fannie Mae's board of directors Tuesday accepted the resignations of Chairman Franklin Raines and Chief Financial Officer Tim Howard.
Raines had held the position of chairman and chief executive officer, but insiders said his role will be divided, Market News International reported.
The regulator of both Fannie Mae and Freddie Mac, the Office of Federal Housing Enterprise Oversight is expected to make a formal announcement soon that Fannie Mae is undercapitalized.
The Fannie Mae board in Washington also ousted the firm's auditor KPMG, which was also recommended by OFHEO.
All the changes were precipitated by the Securities and Exchange Commission's ruling last week that the mortgage finance firm has been improperly accounting for its hedging derivatives, making necessary a forthcoming restatement of earnings for the past four years. That restatement is expected to show a subtraction of at least $9 billion, Market News said.
Raines has been a high-profile executive -- vigorously defending Fannie's accounting practices before Congress -- until the SEC said he and the firm were wrong.
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