Pronunciation: [fɹˈaŋklɪn ɹˈe͡ɪnz] (IPA) 
Franklin Raines is the former CEO of Fannie Mae. The spelling of his name is pronounced as /ˈfræŋklɪn reɪnz/. In this transcription, the sound /k/ is represented by ‘k’, /l/ by ‘l’, /n/ by ‘n’, /r/ by ‘r’, /æ/ by ‘a’, /ɪ/ by ‘i’, and /eɪ/ by ‘ain’. The use of phonetic transcription helps to reflect the pronunciation of a word and understand the sounds of each letter, providing clarity in communication.
Franklin Raines is an American businessman and public official who is widely known as the former CEO of Fannie Mae, a government-sponsored mortgage company. Born on January 14, 1949, Raines had an impactful career in both the private and public sectors.
In the late 1990s, Raines was appointed as the Chairman and CEO of Fannie Mae, one of the largest financial institutions in the United States specializing in mortgage-backed securities. Serving from 1999 to 2004, Raines played a significant role in expanding the company's mortgage portfolio and increasing its profits. However, under his leadership, Fannie Mae faced a major accounting scandal in 2004, which resulted in several lawsuits, fines, and charges of overstating earnings to investors.
Outside his tenure at Fannie Mae, Raines had an illustrious career in public service. He served in various government positions, including as the Director of the United States Office of Management and Budget (OMB) during the Clinton administration. As OMB Director, Raines was responsible for overseeing the budgetary matters of the federal government.
Overall, Franklin Raines is a controversial figure, known for his influential role at Fannie Mae, both in expanding its operations and the subsequent accounting scandal. His career traversed the realms of both the private and public sectors, leaving a lasting impact on the mortgage industry and financial landscape of the United States.
