Two top executives and auditor KPMG are out this week at Fannie Mae, following the Securities and Exchange Commission's decision that the mortgage giant violated accounting rules, leaving it faced with a massive restatement.

One week after the SEC said that some of Fannie Mae's practices violated accounting rules and asked it to restate past earnings, the company announced the retirement of chairman and chief executive officer Franklin D. Raines and the resignation of vice chairman and chief financial officer J. Timothy Howard.

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