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Frank and Wendy Raines Buy Splashy New Digs

Despite the real-estate downturn, former Fannie Mae head Frank Raines and his soon-to-be ex-wife, Wendy, are helping to boost luxury home sales.

This spring, news broke that former Fannie Mae head Frank Raines and Wendy, his wife of more than 25 years, were filing for divorce. In March, they put Beechwoods, their seven-bedroom, eight-bath Forest Hills Colonial on the market for $8.3 million—and hit the streets separately to home shop.

Frank Raines spent $4.9 million on a condo in the West End’s Ritz Carlton Residences. Click here to see pictures of the lavish three-bedroom, seven-bath condo, which has a private terrace with a hot tub. Across town, Wendy Raines spent $4.3 million on this five-bedroom, six-bath Colonial in Cleveland Park. Built in 1910, the house listed for $4.5 million and has a pool and elevator.

Now they need to sell Beechwoods, which is proving difficult. The palatial Colonial is still sitting, and the list price recently dropped to $7,595,000.