Newt Gingrich: Part of the problem in Nevada

(PR NewsChannel) / January 31, 2012 / BOSTON 

“We recently learned that Speaker Gingrich’s contract with Freddie Mac was provided by the lobbyists at Freddie Mac. I don’t think we can possibly retake the White House if the person who’s leading our party is the person who was working for the chief lobbyist of Freddie Mac. Freddie Mac was paying Speaker Gingrich $1.6 million at the same time Freddie Mac was costing the people of Nevada millions upon millions of dollars.” –Governor Mitt Romney

On the Campaign Trail, Speaker Gingrich Says He Wants to Help the Housing Market:
Gingrich: “I Want To Continue To Focus On Jobs, Getting The Economy Going Again, And Helping The Housing Situation…” (Fox News’ “Fox & Friends,” 1/24/12)
Yet Gingrich Was Paid at Least $1.6 Million by Freddie Mac’s Lobbyists to Aid Their Lobbying Agenda:
Bloomberg: Gingrich Was Paid Between $1.6 Million And $1.8 Million By Freddie Mac. “Newt Gingrich made between $1.6 million and $1.8 million in consulting fees from two contracts with mortgage company Freddie Mac, according to two people familiar with the arrangement.” (Clea Benson and John McCormick, “Gingrich Said to Be Paid About $1.6 Million By Freddie Mac,” Bloomberg, 11/16/11)
“It Appears He Was Being Paid To Aid Freddie Mac’s Lobbying Agenda.” “[Gingrich’s] Freddie Mac work gives off a whiff of lobbying, according to the contract he just released. Specifically, the Freddie Mac executive who hired Gingrich was not the CEO, nor the VP for operations, or the VP for communications, but Craig Thomas, the VP for Public Policy – that is, the head of Freddie Mac’s lobbying operations. Thomas was a registered lobbyist at the time. … So, Gingrich may or may not have made lobbying contacts on Freddie’s behalf, but it appears he was being paid to aid Freddie Mac’s lobbying agenda.” (Timothy P. Carney, “Gingrich Worked For Freddie Mac’s Lobby Shop,” The Washington Examiner, 1/23/12)
PolitiFact Rated The Claim That Gingrich’s Contract Was With “The Lobbyists At Freddie Mac” As True. “Romney said Newt Gingrich’s contract was with ‘the lobbyists at Freddie Mac.’ … The primary point of contact on the contract was one of Freddie’s lobbyists. We rate Romney’s statement True.” (Angie Drobnic Holan, “Mitt Romney Says Newt Gingrich’s Contract Was With Freddie Mac’s Lobbyists,”, 1/24/12)
Gingrich’s Contract Mentions Monthly Invoices That Provide “More Detailed Records” – But Gingrich Has Not Released Those Documents. “At least one clause implies that more detailed records were submitted as part of his consultancy. A provision in the ‘compensation’ section of the contract required Mr. Gingrich to submit a ‘detailed description of the services performed during the prior month’ on the 15th of every month. His payment was contingent upon receiving those invoices. Those invoices were not made available Monday.” (“Gingrich Releases A Freddie Mac Contract With Few Details,” The New York Times, 1/23/12)
Nevada Families and Homeowners Have Suffered During the Housing Crisis:
Nearly Six In Ten Of Nevada’s Mortgaged Homes Are Underwater. “Nevada has the highest negative equity percentage with 58 percent of all of its mortgaged properties underwater, followed by Arizona (47 percent), Florida (44 percent), Michigan (35 percent) and Georgia (30 percent).” (“Q3 2011 Negative Equity By State,” CoreLogic, 11/29/11)
Nevada Has The Highest Foreclosure Rate Of Any State In The Country. “RealtyTrac reported Nevada had the nation’s highest state foreclosure rate in the third quarter [2011], with one in every 44 housing units receiving a foreclosure filing.” (Nathalie Tadena, “RealtyTrac: 3Q Foreclosure Filings Down 34% On Year,” Dow Jones Newswire, 10/13/11)
Nevada Is The Only State In The Nation Where Mortgage Debt Outstanding Surpasses The Total Property Value Of All Mortgages Outstanding. (“Q3 2011 Negative Equity By State,” CoreLogic, 11/29/11)

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SOURCE:  Romney for President, Inc.

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