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Article: Fannie Mae Shuts Down Foundation; Big Local Donor To Move In-House
- Article from:
- The Washington Post
- Article date:
- February 24, 2007
- Author:
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Fannie Mae said yesterday that it would shut down its foundation,
one of the biggest donors to local charities and a longtime
lightning rod for criticism that the company was using tax-exempt
contributions to advance corporate interests.
The District-based housing finance company said it would take
over the Fannie Mae Foundation's work, and it promised to maintain
or increase the overall level of giving.
Since its inception in 1979, the foundation has supported causes
as varied as the John F. Kennedy Center for the Performing Arts, a
food bank for the homeless and the construction of housing in
depressed neighborhoods. It has spread the Fannie Mae brand name by
spending tens of millions of ...