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Former House Speaker Newt Gingrich touted the virtues of Freddie Mac's business model in an interview published by the company in April 2007, remarks that contrast with the candidate's recent statements that he had warned the company of impending financial disaster.
The interview was featured on Freddie Mac's website for several months in 2007 when he was a paid consultant to the company and Freddie Mac was struggling to address mounting financial problems after it stepped up its subprime mortgage business.
At the time, critics were complaining that Freddie Mac and its larger cousin, Fannie Mae, benefited from an unfair competitive advantage because of the perception their debt had an implicit government guarantee. That allowed the mortgage-finance companies, formerly known as government-sponsored enterprises, or GSEs, to borrow at lower rates than private-sector competitors.
"While we need to improve the regulation of the GSEs, I would be very cautious about fundamentally changing their role or the model itself," Mr. Gingrich said in the interview.
Pressed in the interview about how that was not "a point of view one normally associates with conservatives," Mr. Gingrich replied that there are times "when you need government to help spur private enterprise and economic development." He cited electricity and telephone network expansion as similarly effective private-public purposes. "It's not a point of view libertarians would embrace, but I am more in the Alexander Hamilton-Teddy Roosevelt tradition of conservatism," he said. He added, "I'm convinced that if NASA were a GSE, we probably would be on Mars today."
The interview was published by Freddie Mac as part of a regular campaign to educate the publicand Washingtonabout its brand. It appeared beneath a section entitled "Freddie Mac and the Subprime Market," and was composed by Freddie Mac based on Mr. Gingrich's discussions with the company as well as his writings about the role of government. The blog Verum Serum found that the transcript is accessible on an archived version of Freddie Mac's website.
A spokesman for Mr. Gingrich, Joe DeSantis, said the 2007 interview showed Mr. Gingrich arguing for improved regulation of Freddie and Fannie. He said the interview "directly contradicts the erroneous reports" that Mr. Gingrich was trying to stop reforms to Fannie and Freddie. ...
"While Fannie and Freddie were ruining the housing market and causing millions of homeowners to lose their homes and life savings, Newt Gingrich was earning millions advising them and advocating for them," said Gary Howard, a spokesman for Rep. Ron Paul (R., Texas). "Now, Newt wants to deny the facts of his role in the whole mess. Unfortunately for him, the facts are right there for everyone to see." ...
The Freddie corporate interview doesn't show him expressing such concerns. Fannie and Freddie "have made an important contribution to homeownership and the housing finance system," Mr. Gingrich is quoted as saying in the interview, which was presented on the website in a question-and-answer format. "We have a much more liquid and stable housing finance system than we would have without the [companies]."
It wasn't even him. His company was hired to provide strategic advice as a consultant.
We can't let the truth get in the way of a good lib lie though.
It wasn't even him. His company was hired to provide strategic advice as a consultant.
We can't let the truth get in the way of a good lib lie though.
It wasn't even him. His company was hired to provide strategic advice as a consultant.
We can't let the truth get in the way of a good lib lie though.
Got to keep in mind, Toro is desperate. He and all his Wall Street buddies put all their chips on the Mormon, and he's unravelling right now.
Today's Rasmussen - Newt 38, Mittens 17. OW Gotta hurt.
It wasn't even him. His company was hired to provide strategic advice as a consultant.
We can't let the truth get in the way of a good lib lie though.
It wasn't even him. His company was hired to provide strategic advice as a consultant.
We can't let the truth get in the way of a good lib lie though.
but
LOL
It wasn't even him. His company was hired to provide strategic advice as a consultant.
We can't let the truth get in the way of a good lib lie though.
Got to keep in mind, Toro is desperate. He and all his Wall Street buddies put all their chips on the Mormon, and he's unravelling right now.
Today's Rasmussen - Newt 38, Mittens 17. OW Gotta hurt.
You haters should have listened to me. I told you to buy the Newt contract on Intrade when it was at $12. Today it is at $36. I would now close that trade out.
Don't ever say that I don't help bigots try to improve their lot in life!
Got to keep in mind, Toro is desperate. He and all his Wall Street buddies put all their chips on the Mormon, and he's unravelling right now.
Today's Rasmussen - Newt 38, Mittens 17. OW Gotta hurt.
You haters should have listened to me. I told you to buy the Newt contract on Intrade when it was at $12. Today it is at $36. I would now close that trade out.
Don't ever say that I don't help bigots try to improve their lot in life!
yeah, I mean, I'm sorry you missed that. I guess you'll have to go back to cheating Granny out of her house...
Well, it appears the Freddie Mac lobbyist wasn't just warning the GSEs about their lending practices after all.
Of course, you don't pay nearly $2 million to a politician to give you economic advice.
Former House Speaker Newt Gingrich touted the virtues of Freddie Mac's business model in an interview published by the company in April 2007, remarks that contrast with the candidate's recent statements that he had warned the company of impending financial disaster.
The interview was featured on Freddie Mac's website for several months in 2007 when he was a paid consultant to the company and Freddie Mac was struggling to address mounting financial problems after it stepped up its subprime mortgage business.
At the time, critics were complaining that Freddie Mac and its larger cousin, Fannie Mae, benefited from an unfair competitive advantage because of the perception their debt had an implicit government guarantee. That allowed the mortgage-finance companies, formerly known as government-sponsored enterprises, or GSEs, to borrow at lower rates than private-sector competitors.
"While we need to improve the regulation of the GSEs, I would be very cautious about fundamentally changing their role or the model itself," Mr. Gingrich said in the interview.
Pressed in the interview about how that was not "a point of view one normally associates with conservatives," Mr. Gingrich replied that there are times "when you need government to help spur private enterprise and economic development." He cited electricity and telephone network expansion as similarly effective private-public purposes. "It's not a point of view libertarians would embrace, but I am more in the Alexander Hamilton-Teddy Roosevelt tradition of conservatism," he said. He added, "I'm convinced that if NASA were a GSE, we probably would be on Mars today."
The interview was published by Freddie Mac as part of a regular campaign to educate the publicand Washingtonabout its brand. It appeared beneath a section entitled "Freddie Mac and the Subprime Market," and was composed by Freddie Mac based on Mr. Gingrich's discussions with the company as well as his writings about the role of government. The blog Verum Serum found that the transcript is accessible on an archived version of Freddie Mac's website.
A spokesman for Mr. Gingrich, Joe DeSantis, said the 2007 interview showed Mr. Gingrich arguing for improved regulation of Freddie and Fannie. He said the interview "directly contradicts the erroneous reports" that Mr. Gingrich was trying to stop reforms to Fannie and Freddie. ...
"While Fannie and Freddie were ruining the housing market and causing millions of homeowners to lose their homes and life savings, Newt Gingrich was earning millions advising them and advocating for them," said Gary Howard, a spokesman for Rep. Ron Paul (R., Texas). "Now, Newt wants to deny the facts of his role in the whole mess. Unfortunately for him, the facts are right there for everyone to see." ...
The Freddie corporate interview doesn't show him expressing such concerns. Fannie and Freddie "have made an important contribution to homeownership and the housing finance system," Mr. Gingrich is quoted as saying in the interview, which was presented on the website in a question-and-answer format. "We have a much more liquid and stable housing finance system than we would have without the [companies]."
Gingrich Backed Freddie Mac in 2007 Interview - WSJ.com
It wasn't even him. His company was hired to provide strategic advice as a consultant.
We can't let the truth get in the way of a good lib lie though.
Well, it appears the Freddie Mac lobbyist wasn't just warning the GSEs about their lending practices after all.
Of course, you don't pay nearly $2 million to a politician to give you economic advice.
Former House Speaker Newt Gingrich touted the virtues of Freddie Mac's business model in an interview published by the company in April 2007, remarks that contrast with the candidate's recent statements that he had warned the company of impending financial disaster.
The interview was featured on Freddie Mac's website for several months in 2007 when he was a paid consultant to the company and Freddie Mac was struggling to address mounting financial problems after it stepped up its subprime mortgage business.
At the time, critics were complaining that Freddie Mac and its larger cousin, Fannie Mae, benefited from an unfair competitive advantage because of the perception their debt had an implicit government guarantee. That allowed the mortgage-finance companies, formerly known as government-sponsored enterprises, or GSEs, to borrow at lower rates than private-sector competitors.
"While we need to improve the regulation of the GSEs, I would be very cautious about fundamentally changing their role or the model itself," Mr. Gingrich said in the interview.
Pressed in the interview about how that was not "a point of view one normally associates with conservatives," Mr. Gingrich replied that there are times "when you need government to help spur private enterprise and economic development." He cited electricity and telephone network expansion as similarly effective private-public purposes. "It's not a point of view libertarians would embrace, but I am more in the Alexander Hamilton-Teddy Roosevelt tradition of conservatism," he said. He added, "I'm convinced that if NASA were a GSE, we probably would be on Mars today."
The interview was published by Freddie Mac as part of a regular campaign to educate the publicand Washingtonabout its brand. It appeared beneath a section entitled "Freddie Mac and the Subprime Market," and was composed by Freddie Mac based on Mr. Gingrich's discussions with the company as well as his writings about the role of government. The blog Verum Serum found that the transcript is accessible on an archived version of Freddie Mac's website.
A spokesman for Mr. Gingrich, Joe DeSantis, said the 2007 interview showed Mr. Gingrich arguing for improved regulation of Freddie and Fannie. He said the interview "directly contradicts the erroneous reports" that Mr. Gingrich was trying to stop reforms to Fannie and Freddie. ...
"While Fannie and Freddie were ruining the housing market and causing millions of homeowners to lose their homes and life savings, Newt Gingrich was earning millions advising them and advocating for them," said Gary Howard, a spokesman for Rep. Ron Paul (R., Texas). "Now, Newt wants to deny the facts of his role in the whole mess. Unfortunately for him, the facts are right there for everyone to see." ...
The Freddie corporate interview doesn't show him expressing such concerns. Fannie and Freddie "have made an important contribution to homeownership and the housing finance system," Mr. Gingrich is quoted as saying in the interview, which was presented on the website in a question-and-answer format. "We have a much more liquid and stable housing finance system than we would have without the [companies]."
Gingrich Backed Freddie Mac in 2007 Interview - WSJ.com
And these are the only direct quotes of Gingrich? Please.....
Please provide a better model of supporting homeownership, all you need to win this argument is just one example, remember just one...
Funny how Gingrich gets this noose hung around his neck and you leave out the worst culprit, Franklin Raines, wasn't his compensation north of $92MILL????
Sub prime was the bastard child of CRA and you know it, if you don't your in denial...
Relevent that in you guys who abused the housing market need someone to blame but yourselves....
Relevent that in you guys who abused the housing market need someone to blame but yourselves....
Wait a second, bigot.
Conservatives blame Freddie and Fannie. Conservatives say they caused the housing bubble. Newt was a paid shill for Freddie. Amongst the many people you hate, you hate bankers who caused the Financial Crisis. According to the conservative meme, people are homeless because of Freddie.
Yet, because you hate Mormons more than bankers, you support Newt.
Until he implodes, then you'll support Bachmann/Perry/Santorum/Paul.
Relevent that in you guys who abused the housing market need someone to blame but yourselves....
Wait a second, bigot.
Conservatives blame Freddie and Fannie. Conservatives say they caused the housing bubble. Newt was a paid shill for Freddie. Amongst the many people you hate, you hate bankers who caused the Financial Crisis. According to the conservative meme, people are homeless because of Freddie.
Yet, because you hate Mormons more than bankers, you support Newt.
Until he implodes, then you'll support Bachmann/Perry/Santorum/Paul.
Well, first, I see a difference between the banks and Freddy/Fanny.
Freddie and Fannie were just left holding the bag. The banks would make the loans to Johnny Foodstamp because the CRA made him do it, and then sell off the crap paper to Freddie, because the government (again, told to do so by Wall Street) made them do it.
So, no, I don't "blame" Freddie. It was doing exactly what it was designed to do. I blame the banks who manipulated the system.
All Newt did was provide advice. Sorry, man, can't get upset about that, and normally, you wouldn't be upset about it if your Boy Romney wasn't getting his tail whupped right now and he was getting snippy with Fox News people.
Seriously? Fox News?
It wasn't even him. His company was hired to provide strategic advice as a consultant.
We can't let the truth get in the way of a good lib lie though.
Got to keep in mind, Toro is desperate. He and all his Wall Street buddies put all their chips on the Mormon, and he's unravelling right now.
Today's Rasmussen - Newt 38, Mittens 17. OW Gotta hurt.
Well, it appears the Freddie Mac lobbyist wasn't just warning the GSEs about their lending practices after all.
Of course, you don't pay nearly $2 million to a politician to give you economic advice.
Gingrich Backed Freddie Mac in 2007 Interview - WSJ.com
And these are the only direct quotes of Gingrich? Please.....
Please provide a better model of supporting homeownership, all you need to win this argument is just one example, remember just one...
Funny how Gingrich gets this noose hung around his neck and you leave out the worst culprit, Franklin Raines, wasn't his compensation north of $92MILL????
Sub prime was the bastard child of CRA and you know it, if you don't your in denial...
there we go.we can dismiss you
Franklin Raines, CEO of the Federal National Mortgage Association (Fannie Mae) from 1999-2004, is the individual most responsible for the subprime mortgage crisis. It was on Mr. Raines' watch that Fannie Mae went bankrupt.
He was accused of manipulating earnings statements so he could be paid bonuses to which he was not entitled.
In July, Mr. Raines was interviewed by Anita Huslin, a business reporter for the Washington Post.
"In the four years since he stepped down as Fannie Mae's chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself," Ms. Huslin's story began. "He has shaved eight points off his golf handicap, taken a corner office in Steve Case's D.C. conglomeration of finance, entertainment and health care companies and, more recently, taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing matters."
