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jpak

(41,761 posts) Sat Feb 4, 2012, 05:27 PM Feb 2012

Gingrich Ties to Fannie, Freddie Said to Extend to Speaker Days

http://www.businessweek.com/news/2012-02-04/gingrich-ties-to-fannie-freddie-said-to-extend-to-speaker-days.html

Feb 4 (Bloomberg) -- Republican presidential candidate Newt Gingrich had ties to Freddie Mac and Fannie Mae during his time as speaker of the House from 1995 to 1999, adding to questions about the nature of his relationship with the home mortgage companies.

Gingrich, then a U.S. representative from Georgia, visited Ireland in 1998 on a trip that was partly sponsored by Freddie Mac and Fannie Mae, the New York Times reported today. Gingrich also helped thwart measures that would have boosted fees paid by the two mortgage companies, the newspaper reported.

Gingrich’s consulting work for Freddie Mac after he left Congress has emerged as a theme in the Republican presidential nomination campaign and drawn criticism from rivals. Freddie Mac and Fannie Mae have drawn about $153 billion in taxpayer aid since losses from risky mortgages caused them to be brought under U.S. conservatorship in September 2008.

Gingrich spokesman R.C. Hammond didn’t immediately respond to an e-mail requesting comment on his connections to Freddie Mac and Fannie Mae during his time in Congress. Douglas Duvall, a Freddie Mac spokesman, declined to comment. Andrew Wilson, spokesman for Fannie Mae, didn’t immediately respond to an e- mail seeking comment.

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13 replies

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Highlight:

Gingrich Ties to Fannie, Freddie Said to Extend to Speaker Days (Original Post) jpak Feb 2012 OP

but he wasn't a LOBBYIST Skittles Feb 2012 #1

I don't believe it. No way he was true to a relationship for that many years. . . Journeyman Feb 2012 #2

Nominated for a Duzy Lochloosa Feb 2012 #5

Especially since it was dying of cancer... RUMMYisFROSTED Feb 2012 #6

makes perfect sense. RePukes only became hostile to FNM/FRE when they needed a scapegoat banned from Kos Feb 2012 #3

agreed stockholmer Feb 2012 #9

Jack Abramoff Too Trips To Ireland Too DallasNE Feb 2012 #4

I wonder if this has something to do with what Pelosi alluded to ... groundloop Feb 2012 #7

if I see the words Gingrich and fannie in the same sentence again, I may just puke stockholmer Feb 2012 #8

Thank you -- I thought I was the only one making that unsavory connection! MADem Feb 2012 #10

I have always wondered why Ireland had a real estate bubble... rfranklin Feb 2012 #11

Interestingly, Fannie and Freddie are under attack in Congress right now. dixiegrrrrl Feb 2012 #12

Yes, but Fannie and Freddie were good back then. hughee99 Feb 2012 #13

Skittles

(153,310 posts)

1. but he wasn't a LOBBYIST

Reply to jpak (Original post)

Sat Feb 4, 2012, 05:33 PM

Feb 2012

Journeyman

(15,044 posts)

2. I don't believe it. No way he was true to a relationship for that many years. . .

Reply to jpak (Original post)

Sat Feb 4, 2012, 05:41 PM

Feb 2012

Lochloosa

(16,084 posts)

5. Nominated for a Duzy

Reply to Journeyman (Reply #2)

Sat Feb 4, 2012, 10:35 PM

Feb 2012

RUMMYisFROSTED

(30,749 posts)

6. Especially since it was dying of cancer...

Reply to Journeyman (Reply #2)

Sat Feb 4, 2012, 10:40 PM

Feb 2012

banned from Kos

(4,017 posts)

3. makes perfect sense. RePukes only became hostile to FNM/FRE when they needed a scapegoat

Reply to jpak (Original post)

Sat Feb 4, 2012, 06:36 PM

Feb 2012

for the 2007-08 mortgage meltdown.

Bush was a big fan too.

(see HR 1461)

stockholmer

(3,751 posts)

9. agreed

Reply to banned from Kos (Reply #3)

Sun Feb 5, 2012, 01:15 AM

Feb 2012

DallasNE

(7,404 posts)

4. Jack Abramoff Too Trips To Ireland Too

Reply to jpak (Original post)

Sat Feb 4, 2012, 07:33 PM

Feb 2012

It looks like Abramoff may have learned the tricks of the trade from the master himself.

But, then, Romney may have learned a few tricks from another master.
http://www.cnn.com/2012/02/04/politics/watergate-reform/index.html?hpt=hp_c1

groundloop

(11,535 posts)

7. I wonder if this has something to do with what Pelosi alluded to ...

Reply to jpak (Original post)

Sun Feb 5, 2012, 12:48 AM

Feb 2012

when she said there was no way Nute would get elected. She sure made it sound like she knew something.

stockholmer

(3,751 posts)

8. if I see the words Gingrich and fannie in the same sentence again, I may just puke

Reply to jpak (Original post)

Sun Feb 5, 2012, 01:14 AM

Feb 2012

It is almost as bad as 'Santorum surges from behind'

MADem

(135,425 posts)

10. Thank you -- I thought I was the only one making that unsavory connection!

Reply to stockholmer (Reply #8)

Sun Feb 5, 2012, 06:06 AM

Feb 2012

He's been "tied to" that since he hit puberty, I suspect--the disgraceful reprobate!

It's one of those "separated by a common language" things.

rfranklin

(13,200 posts)

11. I have always wondered why Ireland had a real estate bubble...

Reply to jpak (Original post)

Sun Feb 5, 2012, 08:45 AM

Feb 2012

Now I see the Fannie Mae/Freddie Mac connection.

dixiegrrrrl

(60,010 posts)

12. Interestingly, Fannie and Freddie are under attack in Congress right now.

Reply to jpak (Original post)

Sun Feb 5, 2012, 10:34 AM

Feb 2012

from something I posted in Econ group yesterday:

A....The Senate agreed to a resolution that would stop executive bonuses at Fannie Mae and Freddie Mac, attaching the measure to a larger congressional insider-trading bill.

B......Two senators introduced a separate bill Wednesday that would put Fannie and Freddie employees on a federal salary scale of $275,000 maximum annually, while also taking away bonuses.

The top 10 executives at Fannie and Freddie earned a combined $13 million in performance bonuses in 2010, according to Securities and Exchange Commission filings. The Federal Housing Finance Agency, the GSEs' regulator, said it expects a "substantial decrease in CEO compensation" as it searches for new heads for Fannie and Freddie.

PLUS: Senators also added a measure in the Stock Act that would require disclosure of home mortgages by federal legislators, the president, the vice president and any Senate-approved appointees by the president. This comes as a House investigation revealed at least four House members received cheaper home loans from Countrywide in exchange for policy influence.

http://www.democraticunderground.com/11165315

hughee99

(16,113 posts)

13. Yes, but Fannie and Freddie were good back then.

Reply to jpak (Original post)

Sun Feb 5, 2012, 12:13 PM

Feb 2012

I remember a hearing back in '03 when everything was cool. I think their oversight agency, OFHEO, brought up accounting and management problems and congress said that everything was good, and that OFHEO needs to stop picking on Fannie and Freddie.

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