Fannie Mae and Freddie Mac Sharply Curtail Giving

The mortgage giants Fannie Mae and Freddie Mac have reduced charitable giving by more than 40 percent since 2006 and focused their grants more sharply on housing issues, eliminating a major source of support for some nonprofit groups in the Washington metropolitan area, reports The Washington Post.

Fannie Mae and the Freddie Mac Foundation donated about $47-million combined last year, compared with $83.5-million in 2006. Their spending is projected to drop slightly this year, and a Fannie Mae spokesman said its giving would focus on preventing foreclosures.

The financially troubled companies, long the biggest corporate donors in the Washington area, were taken over in September by the federal government, prompting fears among nonprofit groups about the long-term future of the firms and their donations.

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