Fannie Mae CEO to Give Testimony

From Reuters

The chief executive of mortgage finance giant Fannie Mae, under fire for alleged accounting irregularities at the company, will appear before a congressional panel next week, a Fannie Mae spokesman said.

The company announced that Chief Executive Franklin Raines would testify after the House Financial Services Committee said it would authorize its chairman to issue subpoenas to compel witnesses to come before a hearing Oct. 6.

Fannie Mae shares fell 71 cents to $66.25 on the New York Stock Exchange.