Congressional leaders stress importance of Fannie, Freddie to region's charities

Biz Journals reports:

As nonprofit social service providers in their states struggle to meet increased needs, six local members of the House of Representatives have written the conservator for Fannie Mae and Freddie Mac emphasizing the importance of the charitable giving from both companies.

The Oct. 22 letter was sent to James Lockhart, who was named conservator for the two companies when the federal government took them over last month to prevent their collapse. It was signed by three Maryland Democrats — Donna Edwards, Steny Hoyer and Chris Van Hollen — and Republican Tom Davis and Democrat Jim Moran from Virginia. D.C. Del. Eleanor Holmes Norton, another Democrat, also signed the letter.

The lawmakers argue that the need for charitable giving will be even more critical to the region in a recession.

“As you know, Fannie Mae and Freddie Mac are the top two charitable givers in the National Capital region,” the letter reads. “Their contributions have directly touched the lives of thousands of families. A loss of these contributions, or a significant diminution, could have devastating consequences for thousands of families.”

Fannie Mae and Freddie Mac appear to be a bad Halloween sequel that will never go away.