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Video: Newt Responds to Story Saying He was Paid Over $1M by Freddie Mac

John on November 16, 2011 at 4:14 pm

Nothing illegal here just awkward given that Fannie and Freddie are connected to the subprime mortgage disaster.

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In case you missed the Bloomberg story that got this started, it’s here:

Newt Gingrich made between $1.6 million and $1.8 million in consulting fees from two contracts with mortgage company Freddie Mac, according to two people familiar with the arrangement.

[...]

Gingrich’s business relationship with Freddie Mac spanned a period of eight years. When asked at the debate what he did to earn a $300,000 payment in 2006, the former speaker said he “offered them advice on precisely what they didn’t do,” and warned the company that its lending practices were “insane.” Former Freddie Mac executives who worked with Gingrich dispute that account.

If Gingrich can prove that he warned Freddie about their lending standards (and was ignored) that would actually be a big boost for him. If, on the other hand, people come out of the woodwork to dispute his contributions this could burst his freshly inflated campaign balloon.

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