Fannie Mae and Freddie Mac Expected to Continue Donating to Charity

The Chronicle of Philanthropy reports:

Fannie Mae and Freddie Mac, the troubled mortgage giants that were recently taken over by the government, are expected to continue donating to charity, the Federal Housing Finance Agency has assured nonprofit groups in the Washington metropolitan area.

The agency — which has been charged with restoring Fannie and Freddie to financial health—said in a letter it is close to finishing a review of the two companies’ charitable activities “to ensure that such activities serve their mission and are appropriate to their conservatorship status.”

The letter, sent earlier this month by James B. Lockhart III, the agency’s director, added: “It is envisioned that the enterprises will continue to make charitable contributions.” It did not specify whether those contributions would match current levels.

The spirit of Jim Johnson and Franklin Raines lives!