| Freddie to Donate $225 mil to its Foundation
Net earnings to drop by $146 million December 10, 2002 By MortgageDaily.com staff |
| Reducing its earnings by $146 million after taxes for the fourth quarter, Freddie Mac announced it will contribute $225 million in cash to philanthropic programs.
The Freddie Mac Foundation, which funds children-at-risk organizations, will receive $205 million of the contribution, said Freddie spokeswoman Sharon McHale. The Community Foundation for the National Capital Region will handle the other $20 million, earmarked for other charities such as Habitat for Humanity and Hoops for the Homeless. The lump sum donation will fund the foundation and charities’ operating expenses over the next six to eight years. It also will reduce the need for the mortgage giant to annually contribute to them and will reduce administrative expenses, the announcement said. Freddie does not have an estimate as to how much administrative costs will be reduced by this giving method, McHale said. Over more than a decade, Freddie reportedly has given almost $130 million to its philanthropy program, which is headquartered in Washington, D.C. |
