Three former Fannie Mae executives are being accused of submitting inaccurate accounting reports.

The government said they will seek more than $100 million in civil penalties from the accused and the return of more than $115 million in bonuses.

There were 101 charges filed against the former Fannie Mae Chairman and Chief Executive Officer Franklin Raines, former Chief Financial Officer J. Timothy Howard and former controller Leanne G. Spencer.

The charges will be filed by the Office of Federal Housing Enterprise Oversight which released a statement saying that the case will be heard by an administrative law judge.

The Office of Federal Housing Enterprise Oversight filed charges after a long investigation of the management and accounting practices from 1998 through 2004.

According to James Lockhart, Director of the Office of Federal Housing Enterprise Oversight, there are other current and former Fannie Mae executives who could be facing similar charges.

According to Howard and Raines attorneys these charges are politically motivated and are part of a conspiracy for the Office of Federal Housing Enterprise Oversight's attempts to persuade Congress to pass legislation that will allow the office to have more regulatory power.