None became president, but Mr. Johnson maintained a reputation as a pragmatic, shrewd and trusted insider. Led by a team of accomplished professionals, Fannie Mae is shaping the future of the housing industry. [1] He married Heather Muir Kirby, a managing director at Deutsche Bank, in 2016. He was also chairman of both the Kennedy Center for the Arts and the Brookings Institution. [15], An Office of Federal Housing Enterprise Oversight (OFHEO) report[22] from September 2004 found that, during Johnson's tenure as CEO, Fannie Mae had improperly deferred $200 million in expenses. [31][32] He continued to assist in efforts to recruit former Hillary Clinton supporters to the Obama campaign. Hugh R. Frater is Chief Executive Officer, Director of the Company. Within two blocks, there were 14 houses filled with his aunts, uncles and cousins. Ben Smith at Politico reported: Former Fannie Mae chairman Jim Johnson was dumped from Obama’s vice presidential search team, but he’s still playing a behind-the-scenes role on the campaign. [7], Johnson's first marriage was to Katherine Marshall. His mother, Adeline (Rasmussen) Johnson, taught Latin and German at the local high school. He stayed out of presidential politics while at Fannie Mae but returned to it after leaving the company, helping Democratic candidates with their vice-presidential selection, debate negotiations and transition planning. If you want to know how Fannie Mae and Freddie Mac have survived scandal and crisis, consider this: Over the past decade, they have spent nearly $200 million on lobbying and campaign contributions. A Medici With Your Money - By Matthew Cooper - Slate Magazine Indeed, preserving its government subsidy is Fannie Mae's central mission, which helps to explain why a fellow like Jim Johnson … In fairness to Mr. Johnson, the vast majority of losses racked up by Fannie were the results of loans bought after he departed. When Mr. Quayle said onstage that he had as much experience in Congress as Kennedy had when he sought the presidency, Mr. Bentsen pounced, producing one of the most memorable debate moments in American political history. [1], Johnson died on October 18, 2020, at his home in Washington, D.C., at age 76; he had suffered from a neurological condition in the time leading up to his death. He was the campaign chairman for Walter Mondale's unsuccessful 1984 presidential bid and chaired the vice presidential selection committee for the presidential campaign of John Kerry. Originally reported as $6–7 million, Johnson actually received approximately $21 million. He also aided in several presidential runs. [43] He was also named as a Washingtonian of the Year by Washingtonian magazine in 1998. [21][27][28] He also served on the board of Forestar Group, Gannett Company, Inc.,[2] KB Home,[21] Target Corporation,[20] Temple-Inland,[2] and UnitedHealth Group. Johnson was also a member of the Steering Committee of the Bilderberg Group and participated in all of their conferences since 1998 except in 1999 and 2004. But even though he makes some $5 million a year off the Federal National Mortgage Association (Fannie Mae), of which he is also chairman, he is not a philanthropist with his own money. [23] A 2006 OFHEO report[24] found that Fannie Mae had substantially under-reported Johnson's compensation. In addition to his son, Mr. Johnson is survived by his wife, Heather Muir Kirby, a managing director at Deutsche Bank; a sister, Marilyn LaMourea; and a grandson. Prior to joining Fannie Mae, Ms. Brown served in a variety of roles at Morgan Stanley from 1999 to April 2017, including as Global Treasurer from 2014 to April 2017 and as Head of Investor Relations from 2010 to 2014. Fannie's relationship status is single. Mr. Johnson was the “anonymous architect of the public-private homeownership drive that almost destroyed the economy in 2008,” Gretchen Morgenson, then a business journalist at The New York Times, and Joshua Rosner, a financial analyst, wrote in “Reckless Endangerment” (2011), which explored the origins of the financial crisis. He proved an aggressive lobbyist for Fannie Mae — making strategic financial donations to congressional regulators, hiring former public officials from both parties and paying for academic studies that blunted criticism of some of the company’s riskier financial practices. Ms. Johnson served in Fannie Mae’s Multifamily business as Senior Vice President for loans, securities, credit pricing and modeling, and as Vice President in our Capital Markets group with responsibility for trading multifamily loans and securities from 2009 to 2013. [12] In 1974, Mondale considered a run in the 1976 presidential primaries with an exploratory committee which Johnson helped create. “I wasn’t a very good candidate,” he said. [20][21] In 1996 Johnson published a book, Showing America a New Way Home. James A. Johnson, Democratic Power Broker, Dies at 76. (I was Fannie Mae’s SVP for government and industry relations when Jim Johnson first served aa Fannie’s Vice Chairman and later its Chairman and CEO.) Mr. Frater was appointed Chief Executive Officer of Fannie Mae in March 2019, and prior to that time, he served as Fannie Mae’s Interim Chief Executive Officer beginning in October 2018. Tilson said Fannie Mae shares should be up 50% following Mnuchin’s comments. [11] During this period, Johnson also worked for Senators George McGovern[2] and Walter Mondale. When Mr. Mondale was elected vice president in 1976, Mr. Johnson became his executive assistant. Later, when he was chairman of the John F. Kennedy Center for the Performing Arts, he and his wife at the time, Maxine Isaacs, created and underwrote the Millennium Stage, which provides free concerts and other performances 365 days a year, making the center more accessible to the public. in political science in 1966,[7] and a Master of Public Affairs degree from the Princeton School of Public and International Affairs at Princeton University in 1968. Mr. Johnson addressing the news media in 1983, when he was running former Vice President Walter Mondale’s presidential campaign. With funding from the Fannie Mae Foundation, he started the think tank’s Center on Urban and Metropolitan Policy, now the Metropolitan Policy Program. [11], Johnson chaired the vice presidential selection committee for the unsuccessful 2004 presidential campaign of John Kerry. The blog post cites Jim Parrott, ... that the newly unsealed documents point out that in 2012 just before the Net Worth Sweep began, Fannie Mae ... Remembering Former Fannie Mae CEO James A. Johnson. He graduated in 1966 with a degree in political science. Fannie provided more than $650 billion in liquidity to the residential mortgage m As chairman and chief executive, he led Fannie Mae to record profits; its net income more than tripled to $3.91 billion in 1999, the year after he retired. The story centers around James Johnson, a Democratic sage with a raft of prestigious connections. In part as a result of those changes, Fannie’s net income more than tripled from $1.17 billion in 1990 to $3.91 billion in 1999, the year after Mr. Johnson retired. Kimberly H Johnson is Exec VP/COO at Fannie Mae. James A. Johnson (December 24, 1943 – Dec 02, 2020) was an American businessman, Democratic Party political figure, and chairman and chief executive officer of Fannie Mae. In reviewing the research, Mr. Johnson noticed that Mr. Quayle had frequently compared himself to John F. Kennedy and told Mr. Bentsen and his team to expect him to do so again at the debate. Mr. Johnson returned to politics to manage Mr. Mondale’s ill-fated campaign for president in 1984. [35][36][37] He was also chairman of the Brookings Institution (1994–2003)[38] and continued thereafter to serve on the Advisory Council of the Brookings Institution's Hamilton Project. Today, Freddie Mac reported … As chairman and chief executive, he led Fannie Mae to record profits; its net income more than tripled to $3.91 billion in 1999, the year after he retired. [21] Johnson was also the vice chairman of the private banking firm Perseus. [30] Johnson resigned from the vice presidential search committee on June 11, 2008, stating that he had done nothing wrong but did not want to distract attention from Obama's "historical effort". [2][4], At the University of Minnesota, Johnson was student body president[5][6] and graduated with a B.A. Once called “the chairman of the universe,” he led Fannie Mae, the Kennedy Center and the Brookings Institution. Mr. Johnson in 1999, when he was chairman of the John F. Kennedy Center for the Performing Arts. [2][3] He was the son of Adeline, a schoolteacher, and Alfred I. Johnson, who was a member of the Minnesota House of Representatives from 1941 to 1958, and served as speaker of the house in 1955 and 1957. [34], Johnson has served as chairman of the Kennedy Center for the Arts (1996–2004) where he created and endowed the center's Millennium Stage. He also shared a piece of advice that he had received while running Fannie Mae: “Never say you’re in the secondary mortgage market; say you’re in the American dream business.”. They added that Mr. Johnson was “especially adept at manipulating lawmakers” and “eviscerating regulators.”. A member of the Democratic-Farmer-Labor Party, the elder Mr. Johnson was elected to the state legislature and became speaker of the House in the late 1950s. Mr. Johnson left in 1990 to join Fannie Mae as vice chairman; he became chairman and chief executive in 1991. Johnson and Fannie Mae were not alone in loading taxpayers with financial risks. “Senator,” Mr. Bentsen said, “I served with Jack Kennedy. From 1999, when the company went public, until May 2018, he served as chairman of the compensation committee at Goldman Sachs. [25], In the 2011 book Reckless Endangerment: How Outsized Ambition, Greed and Corruption Led to Economic Armageddon, authors Gretchen Morgenson and Joshua Rosner wrote that Johnson was one of the key figures responsible for the late-2000s financial crisis. They sold the company to Shearson Lehman Brothers in 1985, after which Johnson served as a managing director at Lehman Brothers. –Throughout the 90s and into the early part of this century, Freddie Mac and Fannie Mae were utilizing their significant lobbying power to gain an ever increasing portion of the overall U.S. mortgage market. His much-younger housemaid whom he eventually married, Barbara Piasecka, won a nasty lawsuit with his children for the inheritance and died in 2013 with a fortune worth an estimated $3.6 billion. Government–backed Fannie Mae remains a vital cog in the U.S. housing market. [15] Together, they had a son (Alfred). In the oral history, Mr. Johnson skirted the controversies of his tenure at Fannie Mae. [1] They separated in 2010[15][45] and subsequently divorced. Other family members and associates include Edward Maggett, Knekia Maggett, Edward Maggett, Ian Desilva and Harold Desilva. A 2006 OFHEO report found that Fannie Mae had substantially under-reported Johnson's compensation. James A. Johnson in 2004, when he led the vice-presidential search for Senator John Kerry’s campaign for the White House. Fannie Mae produced an automated underwriting system (AUS) tool called Desktop Underwriter (DU) which lenders can use to automatically determine if a loan is conforming; Fannie Mae followed this program up in 2004 with Custom DU, which allows lenders to set custom underwriting rules to handle nonconforming loans as well. I knew Jack Kennedy. For Fannie Mae, a loan loss reserve would be the expected total losses over its entire 30 year portfolio or an estimate of 30 years of expected losses, and Valuation Losses: an estimated adjustment for current market value independent of intention to liquidate. [33] On September 19, 2008, the John McCain campaign released an ad critical of Obama for his connections to Johnson and for appointing him to the vice presidential search committee. Read Full Summary Since 2011, he had been chairman of the advisory council of the Stanford Center on Longevity, which seeks to implement technological advances to help older people live healthy and rewarding lives. "[20], Johnson was one of the first outside directors and the longest-serving board member of the investment bank Goldman Sachs. Let’s not forget that, ... “Under Johnson, Fannie Mae led the way in encouraging loose lending practices among the banks whose loans the company bought. Mr. Johnson briefly led the vice-presidential selection process for Senator Barack Obama in 2008, but he stepped down after The Wall Street Journal reported that he had received preferential loan rates from Countrywide Financial, the mortgage company at the center of the subprime lending crisis. Mr. Johnson and Mr. Holbrooke sold Public Strategies in 1985 to Shearson Lehman Brothers, where they both became managing directors in the investment banking division. [12][14], In 1981, Johnson co-founded Public Strategies, a private consulting firm, with diplomat Richard Holbrooke. Q2 2008, during the media frenzy of the financial crisis, Fannie reported a net loss of $2.3 Billion. During that time, he was the campaign manager for Walter Mondale's unsuccessful 1984 presidential bid. [44], Johnson received an Honorary Doctor of Laws from Colby College in 1997, an Honorary Doctor of Humane Letters from Howard University in 1999, and Doctor of Laws from Skidmore College in 2002[9] and the University of Minnesota in 2006. His marriages to Katherine Marshall and Ms. Isaacs ended in divorce. After leaving Fannie Mae, Mr. Johnson returned to politics. [26] Andrew Ross Sorkin wrote in The New York Times in 2012, "In fairness to Mr. Johnson, the vast majority of losses racked up by Fannie were the results of loans bought after he departed. [42], In 1994, Johnson received the Honor Award from the National Building Museum for his contributions to the U.S.'s building heritage during his tenure at Fannie Mae. As the volume of mortgages picked up, Jim Johnson and his Fannie Mae realized that in order to keep their spot on this merry-go-round, they would have to loosen their purse strings. Jim Johnson, former CEO of Fannie Mae just passed away, here's the obituary: ... Fannie’s net income more than tripled from $1.17 billion in 1990 to $3.91 billion in 1999, the year after Mr. Johnson retired. [39][40] Since 2011, he has been chairman of the Advisory Council for the Stanford University Center on Longevity. After this adjustment, Fannie Mae showed a cash net … In June 2008, Conde Nast Portfolio reported that several influential lawmakers and politicians, including Senate Banking Committee Chairman Christopher Dodd, Senate Budget Committee Chairman Kent Conrad, and former Fannie Mae CEO Jim Johnson, received favorable mortgage financing from Countrywide by virtue of being "Friends of Angelo". He would go on to work for several other Democratic presidential hopefuls over the next four decades, including Edmund Muskie, George McGovern, Walter Mondale and Al Gore, in addition to Mr. Kerry. He was 76. Mr. Johnson, left, joined Fannie Mae in 1990; he succeeded David O. Maxwell, right, as chairman and chief executive in 1991 and built the company into one of the dominant financial institutions in the world. Before working for Fannie Mae, Johnson co-founded the private consulting firm Public Strategies with diplomat Richard Holbrooke. Indeed, throughout his career Mr. Johnson supported racial and economic equality, starting with his participation in the 1965 civil rights march from Selma to Montgomery, Ala., while he was in college. He died on Oct. 18 at his home in Washington. After earning his master’s degree in public policy at Princeton in 1968, he signed on with Eugene J. McCarthy’s antiwar presidential campaign. James Arthur Johnson was born on Dec. 24, 1943, in Benson, Minn., a small town along the Chippewa River where his Norwegian grandparents had settled. [29] However, Johnson soon became a source of controversy when it was reported that he had received $7 million in cut-rate mortgage loans directly from Angelo Mozilo, the CEO of Countrywide Financial, a company implicated in the U.S. subprime mortgage crisis. Morgenson described him in an NPR interview as "corporate America's founding father of regulation manipulation". “Jim Johnson was clearly the reason the senator was prepared for that exchange,” Jack Martin, a longtime Bentsen aide who was in the room at the time, said in an interview. This enabled top executives, including Johnson and his successor, Franklin Raines, to receive substantial bonuses in 1998. A non-cash loan loss reserve of $5.5 Billion needs to be added back. Originally reported as $6–7 million, Johnson actually received approximately $21 million. Brown previously served as Fannie Mae’s Senior Vice President and Deputy Chief Financial Officer from May 2017, when she joined Fannie Mae, to August 2018. After leading Fannie Mae from 1991 to 1998, Johnson became a board member of the investment bank Goldman Sachs as well as several other companies including Target Corporation and UnitedHealth Group. The man responsible for the change was James Johnson, a close aide to Vice President Walter Mondale who came to Fannie Mae in 1990. His father, Alfred Ingvald Johnson, owned a grocery store and was a real estate broker. Not to be outdone, the "Too big to fail" banks piled in, each creating its own brand of mortgage investments, each more toxic than its predecessor. Fannie's annual salary is between $30 - 39,999; properties and other assets push Fannie's net worth over $50,000 - $99,999. Jim attended the University of Minnesota, where he was elected student body president in his sophomore year. It says that former Fannie chief Jim Johnson, ... long past the point when Johnson was gone. There was speculation that, had Kerry won, Johnson might have been named Kerry's chief of staff, or Secretary of the Treasury. Fannie Mae and Freddie Mac continue to suffer losses three years after being taken under government conservatorship. Mr. Johnson was so well connected and held so many powerful posts that Harold M. Ickes, also a Democratic operative and President Bill Clinton’s deputy chief of staff, told The Washington Post in 1998 that he was “the chairman of the universe.”, Even Mr. Johnson had a hard time describing what he did for a living. Jack Kennedy was a friend of mine. He briefly led the vice-presidential selection process for the 2008 Democratic presidential nominee, Senator Barack Obama. [15] After selling Public Strategies to Shearson Lehman Brothers in 1985,[16] Johnson was a managing director at Lehman Brothers from 1985 to 1990. [1] After they divorced, he married Maxine Isaacs, who served as press secretary for Mondale's 1984 election campaign. Jim Parrott spent several years in the Obama White House as a senior adviser at the ... Trump re-tweeted an infographic that suggests the net worth sweep was illegal. In 2008 he briefly served on a team that included former Deputy Attorney General Eric Holder (later the attorney general), right, to help Barack Obama choose a running mate. [9], In the 1972 Democratic Party presidential primaries, Johnson started as the national campaign coordinator for Senator Edmund Muskie, whose primary campaign came to an end despite early victories in Iowa and Illinois. He was long gone before the subprime mortgage crisis hit, but he was faulted for encouraging practices that contributed to the 2008 housing meltdown. [8] He was later a faculty member at Princeton University. Former Senator Tom Daschle, a… , said the cause was complications of a neurological disease see kimberly H Johnson is VP/COO! 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