I believe that the board was blinded from what was going on because of conflicts and close ties among the directors and corporate officers. According to USA Today, "Fannie Mae was dominated by a corporate culture of arrogance. It was led by strong executives, including former CEO Franklin Raines and former chief financial officer Timothy Howard...
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It was led by strong executives, including former CEO Franklin Raines and former chief financial officer Timothy Howard. Both also sat on Fannie Mae's 13-person board, with Raines serving as chairman."
Fannie Mae's pay practices had been questioned in the past. What they did was set achievable corporate earnings targets for their executives...