WASHINGTON — Former Fannie Mae Chairman James Johnson, who ran the three-member committee helping Sen. Barack Obama select a running a mate, resigned today after were questions were raised about his ties to one of the largest subprime lenders.
Johnson had been under fire after a Wall Street Journal article revealed that he had received special rates on three home mortgages totaling $1.7 million because of his friendship with former Countrywide Financial Corp. Chairman Angelo R. Mozilo.
Johnson presided over the government sponsored enterprise that buys mortgages and repackages them into securities during a period when Fannie Mae's accounting practices came under considerable scrutiny.
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Obama's ties to Johnson had the potential to cause problems because he had criticized aides to other campaigns who had ties to Countrywide, which is the process of being bought by Bank of America. Also, Obama has made reforming the close relationship between government and special interests a centerpiece of his presidential campaign.
Johnson, atop aide to former Vice President Walter Mondale, led the vice presidential search for 2004 Democratic presidential nominee John Kerry that resulted in the selection of Sen. John Edwards (D-N.C.) as his running mate.
The other members of the selection committee are former Deputy Attorney General Eric Holder and former first daughter Caroline Kennedy.
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