WASHINGTON, Feb. 23 /PRNewswire-FirstCall/ — Fannie Mae (NYSE: FNM) announced the establishment of a new Office of Community and Charitable Giving that will build on the corporation’s philanthropic and housing and community development work, including significant new investments and initiatives in Washington, DC. The company also announced that Stacey D. Stewart, former President and Chief Executive Officer of the Fannie Mae Foundation, is joining the company as a Senior Vice President to head the new office.
For 2007, philanthropic grants and projects will be funded through a combination of Fannie Mae Foundation and company resources as the Foundation winds down its activities. As part of the transition, the Foundation will cease day-to-day operations as of April 30, with remaining activities winding down over the course of the year. Fannie Mae will continue to support initiatives including Help the Homeless and the annual Walkathon, which raised a record $8 million in 2006 for area organizations that are working to prevent homelessness.
Fannie Mae’s Office of Community and Charitable Giving will direct its overall philanthropic support toward three key areas, including 1) Building thriving neighborhoods in the District of Columbia through investments in housing, education, homelessness, and other areas; 2) Addressing the nation’s housing challenges through housing and community development initiatives; and 3) Advancing efforts to end homelessness in America. The company committed to disclosure of the names and dollar amounts of recipient organizations on its Web site and in an Annual Report.
“This effort is part of the overall reevaluation and restructuring the company is undertaking, and embraces our core principles of service, reliability and value,” said Daniel H. Mudd, President and Chief Executive Officer of Fannie Mae. “By integrating our philanthropy and community investment strategies and focusing resources, people and infrastructure, we will better serve our mission, make more of an impact on a broader scale, and more fully engage our employees in a culture of service.”
“As we embark on this new approach to our corporate giving, we remain committed to our mission and the communities we serve,” said Stewart. “The company looks forward to partnering with non-profits and other organizations to tackle tough housing and community development challenges in our hometown and across the country.” [MORE]