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Former Fannie Chiefs to Get Pension Pay.
Washington -- The Office of Federal Housing Enterprise Oversight has given Fannie Mae the green light to pay initial pension and deferred compensation benefits to its recently ousted chairman/CEO Franklin Raines and chief financial officer Timothy Howard.
However, the order does not include stock options, 2004 bonuses, or other incentive pay.
OFHEO also said the approval on initial payments will not affect its ability to seek restitution against Messrs. Raines and Howard should it decide to go that route.
At a Congressional hearing last week, Rep. Richard Baker, R-La., who oversees the GSE Subcommittee, said OFEHO "does not, apparently, have the authority to unilaterally act on the behalf of taxpayers."
The congressman added that litigation might be "required after the fact to reclaim" what he ...
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Source: HighBeam Research, Former Fannie Chiefs to Get Pension Pay.