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Gingrich is on the defensive explaining his payments from Freddie Mac that are estimated at $1.5 million

Gingrich is on the defensive explaining his payments from Freddie Mac that are estimated at $1.5 million


In last Wednesday’s Republican presidential debate, Gingrich sought to explain his role at Freddie Mac as that of an “historian” sounding dire warnings about the company’s future. He said Freddie Mac officials told him “we are now making loans to people that have no credit history and have no record of paying back anything, but that’s what the government wants us to do.” He said his advice was to tell them, “this is insane.”

“I said at the time, this is a bubble … this is impossible. It turned out unfortunately I was right,” Gingrich said.

 

 

AP-

URBANDALE, Iowa (AP) — Rising in national polls, Republican presidential candidate Newt Gingrich found himself on the defensive Wednesday over huge payments he received over the past decade from the federally backed housing agency Freddie Mac.

Gingrich said he didn’t remember exactly how much he was paid, but a former Freddie Mac official said it was at least $1.5 million for consulting contracts stretching from 1999 to 2007. The official spoke on condition of anonymity to discuss a personnel matter.

[ASSOCIATED PRESS]

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Gingrich Said to Be Paid $1.6M by Freddie Mac

Gingrich Said to Be Paid $1.6M by Freddie Mac


The lies, the fraud, will never end.

Now they are complaining why no one will run Fannie or Freddie for 200K a year. Mr. Ging-RICH just made 100 times this amount for giving “insane” advice.

Wonder who else is raking this amount for the same “advice”?

Everything happened in 1999.

Bloomberg Exclusive-

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.

Gingrich’s first contract with the mortgage lender was in 1999, five months after he resigned from Congress and as House speaker, according to a Freddie Mac press release.

[BLOOMBERG]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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