Guide Note

Former Fannie Mae chairman Jim Johnson stepped down from Senator Barack Obama's vice presidential search committee on June 11, 2008, amid questions surrounding his business dealings.

The controversy involves Johnson's taking of specialty loans from troubled mortgage company Countrywide Financial.¹

Fast Facts

1. Johnson denies any wrongdoing²
2. Obama accepted Johnson's resignation on June 11, 2008
3. Obama previously said Countrywide connection wasn't an issue because Johnson was an unpaid volunteer¹
4. Johnson led vice presidential searches for John Kerry in 2004 and Walter Mondale in 1984
5. No immediate word if Obama campaign will replace Johnson
6. Two remaining search committee members: Caroline Kennedy and Eric Holder
7. Republican National Committee (RNC) said to be pushing for Holder resignation³
8. RNC cites Holder's links to controversial pardons made by former president Bill Clinton³
9. Obama has criticized Republican John McCain's campaign for lobbyist connections⁴

"Jim did not want to distract in any way from the very important task of gathering information about my vice presidential nominee, so he has made a decision to step aside that I accept. We have a very good selection process under way, and I am confident that it will produce a number of highly qualified candidates for me to choose from in the weeks ahead."—Barack Obama¹

"I would not dream of being a party to distracting attention from that historic effort. I believe Barack Obama's candidacy for president of the United States is the most exciting and important of my lifetime."—Jim Johnson²