Published On: Wed, Nov 16th, 2011

Gingrich Allegedly Paid Millions by Freddie Mac

GOP presidential candidate Newt Gingrich has in recent months criticized Freddie Mac and Fannie Mae, as well as Democrats in Congress, claiming that they played a key role in the housing market collapse.

However, two former Freddie Mac officials recently told Bloomberg that Gingrich made between $1.6 million and $1.8 million in consulting fees from the mortgage company.

That amount is notably larger than the $300,000 payment that Gingrich was questioned about during the Republican presidential debate on Nov. 9, sponsored by CNBC.

Bloomberg also reported that the Freddie Mac officials told Bloomberg that Gingrich was asked to build bridges with Capitol Hill Republicans and help sell the mortgage company’s public-private structure to conservatives.

Gingrich disputed these claims Wednesday in Iowa, telling reporters that the payments were for “strategic advice over a long period of time.” He said the fees were sent to his consulting firm, The Gingrich Group, not to him personally, reported Bloomberg.

“Gingrich Group was a consulting firm that had lots of people doing things and we offered strategic advice,” he said. Gingrich said his campaign would make the contracts public “to the degree we can.”

A CNN poll this week showed Gingrich support rising from the bottom toward the top in the GOP race.

Photo courtesy Gage Skidmore via Flickr

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