Primary preview: Santorum on Freddie and Fannie

In a recent debate, Republican presidential candidates battled over mortgage giants Fannie Mae and Freddie Mac.

Moderator Wolf Blitzer asked, "How would you phase out Fannie Mae and Freddie Mac? Does the private mortgage industry need additional regulation?"

Newt Gingrich, who once had a consulting contract with Freddie Mac, accused Mitt Romney of holding investments in the government-chartered entities. Romney accused Gingrich of also holding mutual funds that invest in them.

Blitzer followed up with Ron Paul and Rick Santorum.

"It seems they both acknowledge they both made money from Fannie and Freddie," he said "Should they return that money?"

Santorum, a former senator from Pennsylvania, responded: "In 2006, I went out and authored a letter with 24 other senators asking for major reform of Freddie and Fannie, warning of a meltdown and a bubble in the housing market. I stood out, I stood tall and tried to get a reform, and we couldn’t do it."

Did Santorum really warn of a meltdown and a bubble in the housing market?

PolitiFact took a look at this claim and rated it as Mostly False.