The Office of Federal Housing Enterprise Oversight, the regulator for mortgage financing concern Fannie Mae, said it intends to sue ousted chief executive Franklin Raines and former chief financial officer Timothy Howard in an effort to recover salaries from the time the company overstated earnings by billions.

News of the suit comes just days after Raines received $2.6 million as a “deferred compensation” settlement after being jettisoned from the company in 2004.

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