A whole lotta shakin’ continues to go on at Fannie Mae as three more executives who shared responsibility for its accounting stepped down last week in the wake of the home loan financing giant’s accounting woes.

Jonathan Boyles, who was in charge of accounting policy and tax, Janet L. Pennewell, who oversaw financial reporting, and Sam Rajappa, who oversaw internal auditing, have stepped down from their senior vice president roles, according to Janis Smith, a Fannie Mae spokeswoman.

The three will work as special advisors as Fannie Mae works through the re-audit restatements, Smith said.

Fannie Mae also reported Monday that its principal accounting officer, Leanne G. Spencer, is stepping down as senior vice president and controller on Jan. 31. Her replacement, David Hisey, will become controller Feb. 1, Smith said. Hisey was recruited from outside the agency, from the consulting firm Bearing Point.

Fannie Mae last month replaced Franklin Raines, its chairman and CEO, who announced he was taking early retirement, and Fannie Mae’s chief financial officer, Timothy Howard, resigned Dec. 21. The two left in the wake of an SEC directive to make accounting corrections that could knock out some $9 billion of Fannie Mae’s past profit. Fannie Mae’s financial accounting troubles have drawn shareholder lawsuits and investigations by the Justice Department and the Securities and Exchange Commission.


Send tips or a Letter to the Editor to janis@inman.com or call (510) 658-9252, ext. 140.

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