Thursday, November 17, 2011

This Is Rich

Newt Gingrich has been demonizing Fannie Mae and Freddie Mac as being the only reason the housing market collapsed in 2008. It turns out that Mr. Gingrich might have a few reasons to know what goes on at those agencies. In fact, he might have 1.6 million reasons.

Self-proclaimed housing historian Newt Gingrich had two contracts with mortgage company Freddie Mac and was paid between $1.6 million and $1.8 million in consulting fees, two sources familiar with the agreements have told Bloomberg.

Mitchell Delk, Freddie Mac’s chief lobbyist, was Gingrich’s key contact. But Delk told Bloomberg that Gingrich — who was paid a monthly retainer of $25,000 to $30,000 between May 1999 until 2002 — “did not do any lobbying” and was instead provided counsel on public policy issues.

A $1.6 million historian? Nice work if you can get it, and it takes the sting out of being a flaming hypocrite.