The former chairman and chief executive officer of Fannie Mae decided to pay $24.7 million to settle the case of misstated earnings at the government sponsored enterprise and his role in it.
Former Chief Financial Officer Timothy Howard will pay $6.4 million in compensation and former Washington-based company's controller Leanne Spencer will be fined for $275,000.
Raines agreed to make a settlement but still denied the allegations made against him.
The Office of Federal Housing Enterprise Oversight started the fighting against the Fannie Mae‘s executives more than a year ago. The agency tried to find the responsible for $6.3 billion in misstatements from 2001 to mid-2004 at the Federal National Mortgage Association.
Ofheo filed suits against Raines, Howard and Spencer in December 2006 for more than $215 million on suspicion of accounting manipulation in order to meet profit and bonus targets.
Satellite images of the naval base in Vilyuchinsk, Kamchatka, confirm that Russian nuclear submarines have left the base in turn