Thursday, October 2, 2008

Obama Advisor Pledged $1 Trillion in Sub-Prime Loans As Fannie Mae CEO

"James A. Johnson--the man chosen by Sen. Barack Obama to lead his vice presidential search committee---served as head of the Federal National Mortgage Association, or 'Fannie Mae,' from 1991 to 1998, receiving a reported $21 million in compensation upon his departure.

"As CEO of Fannie Mae, Johnson set a goal of buying up $1 trillion in low-income mortgage loans, a move that eventually helped trigger what would become the sub-prime mortgage crisis."