D.C. Charities Concerned About Reduced Giving From Mortgage Companies

Many nonprofit organizations are fearful that after the federal takeover of the mortgage giants Fannie Mae and Freddie Mac, the two companies will scale back or eliminate their charitable giving, leaving some charities in the Washington area in dire straits, reports The Washington Post.

The two companies are the largest corporate donors in the Washington area, giving $47-million to charities, including food pantries, homeless shelters, scholarship programs, and social-service groups.

Chuck Bean, executive director of the Nonprofit Roundtable of Greater Washington, said the consequences would be devastating if Fannie Mae and Freddie Mac reduced or stopped their giving programs. He said, “They are numbers one and two. Numbers three, four, five, six, seven, eight, nine, and 10 are not prepared to pick up the slack. There’s going to be scores of unmet needs.”

The two companies have not yet announced changes in their giving.

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