Wednesday, November 16, 2011

Freddie Newt

LA Times/Gingrich:

""Newt Gingrich, who has built his now resurgent presidential candidacy in part around virulent criticism of mortgage giants Fannie Mae and Freddie Mac, found himself Wednesday defending the at least $1.6 million he reportedly earned while under contract to Freddie.

While campaigning in Iowa, Gingrich was besieged by reporters asking him about a Bloomberg News report that his consulting firm took in much more from Freddie Mac than previously reported.

The former House speaker said he didn’t know how much he had received from the federally backed mortgage company, but that he welcomed the inquiry into his private-sector work.

“Everybody will dig up everything they can dig up,” said Gingrich, according to the New York Times. “That’s fine, they should.”""

"He said his consulting firm, Gingrich Group, offered “strategic advice for a lot of different companies” but that he had done no lobbying.

One GOP rival, Rep. Michele Bachmann of Minnesota, wasted no time in slamming Gingrich on Wednesday for "shilling" for the company.

Last week, Gingrich was asked at a GOP debate in Michigan what work he had done to secure a $300,000 payment from Freddie Mac.

“I offered them advice on precisely what they didn’t do,” he replied. “My advice as a historian, when they walked in and said to me, ‘We are now making loans to people who have no credit history and have no record of paying back anything, but that’s what the government wants us to do.’ As I said to them at the time, this is a bubble. This is insane. This is impossible.”""

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