Ousted Fannie Mae Exec’s Pension at Issue
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Franklin Raines, who was forced out last week as Fannie Mae’s chief executive after five years, is slated to receive a monthly pension of more than $114,000 for life, according to documents the mortgage lending giant filed with the Securities and Exchange Commission.
The documents also reveal that Raines has deferred compensation of $8.7 million to be paid out through 2020 and owns more than $5.5 million in Fannie Mae stock.
Federal regulators have asked Fannie Mae to hold off paying any compensation to Raines until they have time to investigate the package, and whether it was appropriate for the lender to let Raines retire early rather than be dismissed.
Shares of Washington-based Fannie Mae gained 10 cents to $69.72 on the New York Stock Exchange.
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