Franklin Raines On Foreclosure Fraud AND Mortgage Pool Put-Backs (CNBC Interview)
Jan 7, 2011 at 10:13 PM
DailyBail in FRAUD, fannie mae, foreclosure, foreclosure fraud, franklin raines, housing, mortgage put-backs, video

Video:  Franklin Raines -- Squawk Box -- Oct. 15, 2010

The former swindling, bonus-sucking CEO of Fannie Mae would be better served by staying out of sight.  Raines:

Raines said that the cost to banks will be high, especially since they are already paying “significant costs to manage the foreclosures.”

Raines added that loans that remain out there should be restructured “so that we can get out of this mess of people who are having a drag on the economy, a drag on confidence by consumers.”

Raines, who was Fannie Mae's CEO from 1994 to 2004, negotiated a settlement in 2008 with the Office of Federal Housing Enterprise Oversight, which oversees Fannie Mae, after the agency accused him of accounting irregularities while he was in charge. 

Raines paid a $2 million fine and gave up stock options valued then at over $15 million, according to a consent order.

 

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