Newt Said to Be Paid at Least $1.6 Million by Freddie Mac

[bobbyw24]

Republican presidential candidate Newt Gingrich said during a Nov. 9 debate that he earned a $300,000 fee to advise Freddie Mac as a “historian” who warned that the mortgage company’s business model was “insane.”

Former Freddie Mac officials familiar with the consulting work Gingrich was hired to perform for the company in 2006 tell a different story. They say the former House speaker was asked to build bridges to Capitol Hill Republicans and develop an argument on behalf of the company’s public-private structure that would resonate with conservatives seeking to dismantle it.

If Gingrich concluded that the company’s business model was at risk and that the housing market was a “bubble,” as he said during the debate, he didn’t share those concerns with Richard Syron, Freddie Mac’s chief executive officer at the time, a person familiar with the company’s internal discussions said.

http://www.bloomberg.com/news/2011-11-15/gingrich-said-to-be-paid-by-freddie-mac-to-win-republican-allies.html

[William R]

bump

[Dianne]

This is big !!

[bobbyw24]

This is big !!

Finally--I knew that one of my work-related posts would be useful. ;)

[wgadget]

Freddie Mac, who WE TAXPAYERS bailed out?

Isn't this against campaign finance laws?

[bobbyw24]

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.

The total amount is significantly larger than the $300,000 payment from Freddie Mac that Gingrich was asked about during a Republican presidential debate on Nov. 9 sponsored by CNBC, and more than was disclosed in the middle of congressional investigations into the housing industry collapse.

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.

http://www.bloomberg.com/news/2011-11-16/gingrich-said-to-be-paid-at-least-1-6-million-by-freddie-mac.html

[Dianne]

Can we somehow get Newt's name stated in the title of this thread?

[bobbyw24]

Can we somehow get Newt's name stated in the title of this thread?

updated

[cindy25]

end of Newt?

http://www.huffingtonpost.com/2011/11/16/newt-gingrich-freddie-mac_n_1096578.html

[ghengis86]

We can only hope

[No Free Beer]

nothing to see here...move along...

Dick Morris says so...

[Dianne]

More and more will get out on Newt. Anyone who drops six figures in jewelry purchases probably has dirty money somewhere.. I know it didn't come from his salary in Congress.

[bobbyw24]

More and more will get out on Newt. Anyone who drops six figures in jewelry purchases probably has dirty money somewhere.. I know it didn't come from his salary in Congress.

Yep--this story is getting traction

[Dianne]

Go to: http://www.huffingtonpost.com/

Main story large pic of Gingrich captioned "Toxic Assets"

[HOLLYWOOD]

GINGRICH: Paid a monthly retainer of between $25K to $30K a MONTH from 1999 through 2002.

Gingrich spokesman: Confirms Newt had multiple contracts with FREDDIE MAC.

Where's the Newt $10 BILLION BAILOUT of MEXICO news that he formulated. All it was... was a bailout of Goldman Sachs/Wall st. positions in Mexico.

Maybe I'll send that to Matt Tiabi... he's a pit bull to attacking Wall st. & republican fiscal disasters.

[69360]

end of Newt?

http://www.huffingtonpost.com/2011/11/16/newt-gingrich-freddie-mac_n_1096578.html

Just the beginning...


of all the dirt on Newt. If you thought the Cain scandal was good, Newt's scandals will put those to shame.

[HOLLYWOOD]

Just the beginning...


of all the dirt on Newt. If you thought the Cain scandal was good, Newt's scandals will put those to shame. Well now you know why Newt Gingrich and Herman Cain didn't show up for the Values Regaen Dinner in Iowa on November 5th and conjured-up that BS Lincoln Debate garbage in Texas.

They're both sleazy lying scumbags

[flightlesskiwi]

Just the beginning...


of all the dirt on Newt. If you thought the Cain scandal was good, Newt's scandals will put those to shame.

could this be the strategy, though? to play the whole "lesser of two evils" game within the GOP?

edit: i ask this because some people i know were arguing the "the libs are attacking Cain because he's a black conservative" and i had to give the my reasoning of "i could care less about the sexual harassment crap. i will not support him because he was a Federal Reserve chairman, he thinks the fed is great, and he supported TARP."

[69360]

could this be the strategy, though? to play the whole "lesser of two evils" game within the GOP?

Those old strategies are going out the window. Ron is reaching the tipping point.

[KEEF]

Drudge it up.

[bobbyw24]

Drudge it up.

Good idea

[brushfire]

yowza...

[wgadget]

Wow.

Buh-bye, Newt.

[jmdrake]

Republican presidential candidate Newt Gingrich said during a Nov. 9 debate that he earned a $300,000 fee to advise Freddie Mac as a “historian” who warned that the mortgage company’s business model was “insane.”

Former Freddie Mac officials familiar with the consulting work Gingrich was hired to perform for the company in 2006 tell a different story. They say the former House speaker was asked to build bridges to Capitol Hill Republicans and develop an argument on behalf of the company’s public-private structure that would resonate with conservatives seeking to dismantle it.

If Gingrich concluded that the company’s business model was at risk and that the housing market was a “bubble,” as he said during the debate, he didn’t share those concerns with Richard Syron, Freddie Mac’s chief executive officer at the time, a person familiar with the company’s internal discussions said.

http://www.bloomberg.com/news/2011-11-15/gingrich-said-to-be-paid-by-freddie-mac-to-win-republican-allies.html

+rep! It's time to light up the talk radio universe with this story. We can't sit back and expect those jokers to actually do their job like we expected them to do with Herman McCain't.

[bobbyw24]

Freddie Mac plans to re-securitize certain mortgage loans that were previously delinquent but have been reinstated to current, performing status. The new-issue bonds will not, however, include loans that have been modified.

The McLean, Virginia-based GSE says this new avenue for securitization will provide more flexibility for the company to manage its mortgage-related investment portfolio.

Freddie Mac has purchased large numbers of mortgage loans from Participation Certificate (PC) pools as they became delinquent. The GSE retains these loans in its portfolio to pursue resolutions of the delinquencies.

http://www.dsnews.com/articles/freddie-mac-to-securitize-previously-delinquent-mortgage-loans-2011-11-18

[rambone]

Ron Paul’s sincerity versus Newt Gingrich’s hypocrisy (http://www.examiner.com/independent-in-manchester/paul-s-sincerity-vs-gingrich-s-hypocrisy)

Newt and Barney Frank were both lobbying for Freddie Mac at the same time!! LOL

Gingrich Swings Hard: THROW BARNEY FRANK IN PRISON (http://nation.foxnews.com/newt-gingrich/2011/10/11/newt-slams-media-not-demanding-transparency-federal-reserve)

Newt Gingrich: "If they want to change things, the first thing to do is fire Bernanke, who is a disaster as chairman of the Federal Reserve. The second person to fire is Geithner. The fact is, in both the Bush and the Obama administrations the fix has been in. And I think it's perfectly reasonable to be angry. But let's be clear about who put the fix in. The fix was put in by the federal government. If you want to put people in jail, I want to second what Michele said, you ought to start with Barney Frank and Chris Dodd. And let's look at the politicians who created the environment, the politicians who profited from the environment and the politicians who put this country in trouble."

Charlie Rose, moderator: "Clearly, you're not saying they should go to jail?"

Gingrich: "Well, in Chris Dodd's case, go back to look at the Countryside deals. In Barney Frank's case, go back and look at the lobbyist who was close to Freddie Mac. All I'm saying is, everybody in the media who wants to go after the business community ought to start by going after the politicians who were at the heart of the sickness which is weakening this country and ought to start with Bernanke, who still has not been exposed for the hundreds of billions of dollars."

[HarryBrowneLives]

Great one liner ... "If Newt was an "Historian" for Freddie Mac and made $1.8 million, I'm going back to college and major in History."

[smartguy911]

Great one liner ... "If Newt was an "Historian" for Freddie Mac and made $1.8 million, I'm going back to college and majoring in History."

lol that's awesome

[HarryBrowneLives]

Just figured it out ... Now that all these college kids have a trillion dollars of student loan debt and no jobs, maybe they should all change their majors to History and make $1.8M like Newt did as an "Historian" with Freddie Mac ... Problem solved!

[CableNewsJunkie]

I'm not good at video editing and splicing - but if I was, I would make one with pictures and video of Newt spending money on luxuries (jewelry, private jets, Mediterranean cruises, etc.) and maybe have a rap song playing in the background.