Gingrich faces more questions about Freddie Mac
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CNN Political Unit
(CNN) – Former House Speaker Newt Gingrich spent a second day trying to campaign in Iowa but fending off questions about his relationship with mortgage giant Freddie Mac.
The former House Speaker has surged to the top of Republican presidential polls over the last month but is now forced to play defense against reports of his relationship with Freddie Mac. Gingrich Group was paid between $1.6 million and $1.8 million to lobby Republicans in Congress on behalf of the government-backed mortgage lender , CNN has confirmed.
Questioned about the reports on Wednesday in Urbandale, Gingrich said that his consulting company was paid by Freddie Mac for "strategic advice over a long period of time."
CNN confirmed Gingrich was paid by Freddie Mac during two periods - from 1999 to 2002 and 2006 to 2008. Bloomberg first reported the amount of payments made to Gingrich on Tuesday.
The GOP heavyweight said he was unsure of how much Gingrich Group was paid by Freddie Mac but that his team has gone back to "check" the amount. Asked if his campaign would make the figure public, Gingrich replied, "To the degree we can, sure."
Freddie Mac confirmed to CNN that Gingrich was a consultant and not a lobbyist.
Gingrich was consulted about Freddie's efforts to become more transparent about "risk and capital management" procedures, risk information disclosure, and how those efforts would be received in Congress, specifically by Republicans, according to a former official who worked for Freddie Mac during both of his stints.
During his first stint, Freddie Mac wanted to "bond" with Bush administration officials on the idea of creating a "home ownership society" – getting more Latinos and other minorities into home ownership - and worked with Gingrich on that.
In Gingrich's second stint, Freddie Mac officials tried to get him to write "white papers" on how good the "model" was for government-sponsored enterprises like Fannie and Freddie Mae because free-market Republicans didn't like that model, the official said. Freddie Mac officials were frustrated with Gingrich, the source said, because they had a hard time getting him to write anything.