Franklin Raines was the former chairman and chief executive officer of the Federal National Mortgage Association, commonly known as Fannie Mae.
Fannie Mae's mission was to ensure more people get the opportunity to buy homes. Franklin Raines, started a programme in 1999 to issue bank loans to individuals with low incomes and eased norms on loans to enable more people benefit from the programme.
Many feel that the plan of offering easy credit to home buyers who were not creditworthy led to the subprime mortgage crisis.
Image: Daniel Mudd (L), former CEO of Fannie Mae, listens to Franklin Raines (R), another former CEO of Fannie Mae during testimony at a House Oversight and Government Reform Committee hearing on Capitol
Hill in Washington. | Photograph: Jason Reed/Reuters
Also read: Bill Gates: The rich must help the poor
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