Guess who's Advising Obama on Housing Policy?
Former Fannie Mae CEO Franklin Raines, that's who.
Raines is one of the people principally responsible for the collapse of the giant and had been accused of manipulating the company's earnings. Also, according to an Associated Press article, Raines received low-rate loans from mortgage lender Countrywide Financial, a major seller of home loans to Fannie Mae. This from the July 16th edition of The Washington Post:
In the four years since he stepped down as Fannie Mae's chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case's D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters.
Glad to see Obama is surrounding himself with the crème de la crème of the business world when it comes to advice on mortgage and housing policy matters. Could there be a cabinet position in Raines' future?
Or is he the next victim to go under the wheels of the Obama express?
source: Guess who's giving Obama economic advice?