Thursday, September 11, 2008
The Sept. 9 editorial "Mr. Paulson's Bailout" referred to "profit-hungry shareholders" in relation to the housing finance firms Fannie Mae and Freddie Mac.
As an employee of Fannie Mae for 15 years and a recent retiree, I take umbrage at that description. When I began working with Fannie Mae in 1988, my co-workers and I were proud of Fannie's mission to help more Americans, especially minorities, own homes. The people I knew worked hard on this mission, and we were rewarded each year with an option to buy 300 shares of stock. Many of us were able to build small portfolios, plan for retirement and provide a little extra for our families.
Now we have suffered loss without warning and through no fault of our own.
BARBARA GEMS
Reston
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The recent news about Fannie Mae and Freddie Mac has caused anxiety among many leaders in the nonprofit and philanthropic communities in the national capital region. Fannie and Freddie have been two of the largest investors in the local nonprofit community, supporting programs for the people whom nonprofits serve every day.
Our region's philanthropic community would be stretched very thin without Fannie and Freddie as key partners. Those tasked with the federal takeover should understand the unique impact of Fannie's and Freddie's charitable giving in our region. Without their philanthropy in these fragile economic times, our region will experience even greater problems.
CHUCK BEAN
Executive Director
Nonprofit Roundtable of Greater Washington
TAMARA LUCAS COPELAND
President
Washington Regional Association
of Grantmakers
Washington
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