SAN FRANCISCO–It must have been refreshing for Franklin Raines to be among friendly faces Monday morning. Fannie Mae's CEO was greeted by applause and only one accounting scandal question during a session on Government-Sponsored Enterprises at the Mortgage Bankers Association's annual convention. Raines has faced harsh criticism and intense federal scrutiny since the Office of Federal Housing Enterprise Oversight last month released a scathing 211-page report revealing evidence of improper accounting at the company. The report triggered a wave of shareholder lawsuits as well as a Congressional hearing and a formal investigation by the Securities and Exchange Commission. But those realities were not part of Raines' prepared comments. Instead, he focused on the stability of the curre...
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