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Top Obama Insider Tied To Countrywide, Ran Fannie Mae

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One of Barack Obama top talent scout is deeply tied to the mortgage overload mess. Jim Johnson is one of three people appointed by Obama the head up the search for his vice presidential selection. The problem is that Johnson took at least five real estate loans totaling more than $7 million from Countrywide, the Wall Street Journal reported on Saturday. The loans to ohnson were made through an informal program for friends of the company's CEO, Angelo Mozilo, and were made at substantial discounts to prevailing market rates.
Johnson ran Fannie Mae from 1991 to 1996, and appointed Mozilo to Fannie Mae's advisory board in 1996. He reportedly made $21 million in one year while working for Fannie Mae. So he didn't exactly need that friends and family discount.
"That's the problem with bringing a Washington, DC, insider on board," ABC's Jake Tapper observes. "They're sometimes covered with the goop from the insides of Washington."
Countrywide Friends Got Good Loans [Wall Street Journal]


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