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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.
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Monday, October 6, 2008
Obama Advisor Pledged $1 Trillion in Sub-Prime Loans As Fannie Mae CEO
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