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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.