Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Tuesday, May 1, 2007

Federal Court Rejects Raines' Request to Take Case

Remember Franklin D. Raines, the Chair of Fannie Mae during the time period when it was "managing" its earnings?  The industry oversight agency, the Office of Federal Housing Enterprise Oversight, is set to start its hearing against him in March to recover $84.6 million in compensation plus penalties.  The D.C. appellate court rejected Raines' request to transfer the proceeding to federal court on the ground that the regulator was biased against him.  See WPost, Fannie Mae's Former Chief Loses Plea To Move Case.

http://lawprofessors.typepad.com/securities/2007/05/federal_court_r.html

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