Carter, Clinton-Era Budget Official Ran Institution at Center of Financial Crisis

Daily News Article - September 23, 2008


1. Who is Franklin Raines?

2. a) Under what president was Fannie Mae started?
b) What does Fannie Mae do?

3. Why did the federal government take over Fannie Mae this month on September 7th?

4. a) Under which presidents did Franklin Raines serve as director of the White House Office of Management and Budget (OMB)?
b) Between what years and in what positions was Mr. Raines at Fannie Mae?

5. How did Mr. Raines pursue President Clinton's housing policies when he became chairman of Fannie Mae?

6. What was Mr. Raines vision as chairman of Fannie Mae?

7. In September 1999, what did Mr. Raines announce Fannie Mae would be doing?

8. a) What did Treasury Secretary John Snow want to do to reform Fannie Mae in 2003?
b) How did Mr. Raines react?

9. a) What did the Office of Federal Housing Enterprise Oversight conclude in a September 2004 report?
b) What happened to Mr. Raines by December of that year?

10. How much money did Mr. Raines earn during his 5 years as CEO of Fannie Mae?