Fannie Mae Foundation Cutting Budget, Staff

Fannie Mae Foundation Cutting Budget, Staff: "Fannie Mae Foundation Cutting Budget, Staff
Charitable Arm to Maintain D.C. Funding
By David S. Hilzenrath
Washington Post Staff Writer
Thursday, May 5, 2005; Page E06
The Fannie Mae Foundation, one of the District's largest charitable donors, said yesterday that it is cutting its budget by more than a fifth, closing offices in Atlanta and Chicago, and laying off a dozen employees. But the foundation said it is not reducing its philanthropy in the Washington area.
The cuts are largely the result of an accounting scandal at Fannie Mae that has battered the company's stock price, driven out top executives and erased billions of dollars of previously reported profit. The foundation relies on the federally chartered mortgage finance company for its funding"