Ex-Fannie Exec Raines Joins Steve Case Venture

Franklin D. Raines, the former chairman and chief executive of mortgage giant Fannie Mae, is making a fresh start as an informal advisor to Revolution, a Washington-based holding company launched last month by former America Online Inc. Chairman Steve Case.

Raines “is a friend and colleague” of Case’s and has had an office at Revolution’s headquarters since mid-April, said Malin Jennings, a company spokeswoman.

Raines does not hold a title and is not getting a salary. But he is helping Case evaluate healthcare companies Revolution might invest in, Jennings said.

When Revolution rolls out its healthcare venture this month, Raines will be an investor and board member, she said.

Raines did not return a call for comment. He was forced to resign by Fannie’s board in December, after federal regulators concluded that Fannie executives had misapplied accounting rules.

Revolution is Case’s first major business venture since he left AOL.