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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