In 2008, Gingrich suggested in a Fox News interview that then-presidential candidate Barack Obama should have to return campaign contributions he had received from executives of Freddie Mac and Fannie Mae. He said that in a debate with Obama, GOP presidential nominee John McCain "should have turned and said, 'Senator Obama, are you prepared to give back all the money that Freddie Mac and Fannie Mae gave you?'"
Gingrich sought Wednesday to portray his role as a sign of valuable experience.
"It reminds people that I know a great deal about Washington," Gingrich said Wednesday. "We just tried four years of amateur ignorance and it didn't work very well. So, having someone who actually knows Washington might be a really good thing."
Gingrich's history at Freddie Mac began in 1999, when he was hired by the company's top lobbyist, Mitchell Delk. He was brought in for strategic consulting, primarily on legislative and regulatory issues, the company said at the time. That job, which paid about $25,000 to $30,000 a month, lasted until sometime in 2002.
In 2006, Gingrich was hired again on a two-year contract that paid him $300,000 annually, again to provide strategic advice while the company fended off attacks from the right wing of the Republican Party.
Freddie Mac and Fannie Mae for years had been under scrutiny from Republicans on Capitol Hill who opposed government involvement in the mortgage business and wanted to scale back the companies' size and impose tough regulation.