Early Briefing: Deal With Ex-Fannie Executives Near

*The Office of Federal Housing Enterprise Oversight was preparing to announce a settlement today with former Fannie Mae chairman and chief executive Franklin D. Raines and two other former executives over administrative charges stemming from the company's misstatement of earnings, according to a source familiar with matter.

Raines, former chief financial officer J. Timothy Howard and former controller Leanne G. Spencer were fighting the charges, which were scheduled to be heard by an administrative law judge in September.

*Orbital Sciences of Dulles said it agreed to sell its Transportation Management Systems group, based in Columbia, for $42.5 million in cash. The deal with Affiliated Computer Services of Dallas, which manages Metro's SmarTrip and E-ZPass, is the last step in the company's strategic refocusing on satellites and rockets.

*Sallie Mae of Reston said new student loans are being made only at a loss. But news that the House approved a measure allowing the Department of Education to buy federally guaranteed loans that lenders are unable to sell to private investors helped its shares gain 5.7 percent yesterday to close at $17.19.

*Virginia launched a state-subsidized distribution company designed to help small winemakers stay in business. The state's wineries have been hurting since a 2005 ruling that prohibited them from distributing their wines.

By Terri Rupar  |  April 18, 2008; 5:00 AM ET  | Category:  Morning Brief
Previous: Roundup: Capital One, Marriott, Six Flags | Next: A Network of Social Networks

Comments

Please email us to report offensive comments.



The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company