Wednesday, June 11, 2008

Johnson Resigns from Obama's VP Search Team

clipped from

Jim Johnson, the former chairman of mortgage lender Fannie Mae, came under criticism after The Wall Street Journal reported that he obtained loans at below-market rates from mortgage lender Countrywide Financial after he left Fannie Mae.

The man leading Barack Obama's vice presidential search committee resigned Wednesday amid questions about loans he received from a company involved in the U.S. housing crisis.

Obama said in a statement that Johnson decided to quit the unpaid position to avoid distracting from the committee's work.

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