Nonprofits may feel pinch from bailout
Businesses and stockholders won't be the only ones affected by the federal takeover of Fannie Mae and Freddie Mac, as local nonprofits fear they may lose the support both companies once offered.
"[It] may leave a gaping hole in resources nonprofits depend on to provide critical support services in many local communities," Beth Hess, director of communications for the Center for Nonprofit Advancement in Washington, wrote in an e-mail. The center supports more than 13,000 nonprofits in the region.
In 2007, the mortgage companies contributed more than $45 million to local nonprofits and also gave $317,000 to Prince George's County nonprofits in early 2008, Hess said.
"Their employee volunteerism, community programs and contributions to local nonprofits help to address critical issues locally including affordable housing, financial literacy, career success, homelessness and education," Glen O'Gilvie, CEO of the center, wrote in an e-mail.