As presidential hopeful Newt Gingrich faced new criticism from rivals for his advisory role at Freddie Mac, the consulting firm he founded released a copy of a consulting agreement he signed in 2006 with the mortgage company.
The 16-page document does not specify what Gingrich did in his role as a consultant, and it only covers one year of his multi-year services.
Gingrich's firm earned at least $1.6 million working with Freddie Mac during an eight-year period beginning in 1999. The contract released Monday night covered 2006, a year in which he was to be paid $300,000.
‘The contract was solely for consulting purposes and not lobbying,’’ a center statement said.
The release came in response to accusations from the presidential candidate's critics charging that he lobbied on behalf of the government-backed mortgage finance firm, which many say is partly to blame for the housing crisis.
The Gingrich Group, which Gingrich founded in 2000, provided consulting services to Freddie Mac for roughly six years in total.
The contract "was solely for consulting purposes and not lobbying," Nancy Desmond, CEO of the Gingrich Group, said in a statement reported by CNN
But the contract discusses the Gingrich Group's specific work only briefly, saying the firm is to provide "consulting and related services," CNN reported.
Gingrich has consistently denied lobbying for Freddie Mac, CNN reported. He claims he told Freddie its business model was broken, and told Republican members of Congress not to approve the bailout of Fannie and Freddie that has so far cost taxpayers $183.8 billion.
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