In December 2011, allegations emerged concerning Christian Wulff’s former ties with affluent businessmen. While he was still Prime Minister of Lower Saxony, Wulff denied having had any business ties with
Egon Geerkens, despite having received a private home loan of about €500,000 from Egon's wife Edith in 2008 and which Geerkens had admitted arranging. On 22 December 2011, Wulff made a public statement apologizing for his handling of the loan affair and conceded that he should have made his personal records available more quickly.
Later, it was alleged that President Wulff had applied undue pressure to Springer Press to delay or even prevent initial revelations of the loan scandal. By the beginning of January 2012, President Wulff had already lost public support, commentators were calling for him to resign, the opposition was again increasing pressure, and his own party was distancing itself from him over the allegations.
On 4 January 2012, Wulff said in an interview that he wanted to stay in office and that the call to Bild editor Kai Diekmann had been a "serious mistake" that was "unworthy" of a president and for which he had already apologized.
As more allegations of possible corruption emerged, the prosecutors in Hanover, the capital city of the state of Lower Saxony, asked the Bundestag to lift Wulff’s presidential immunity in order to investigate the possible granting or accepting of undue favors. Pre-empting this, Wulff resigned on 17 February 2012, explaining that the loss of the people's trust had damaged his effectiveness.