Wednesday, October 01, 2008

Ashburn Connection -Freddie Mac Affects Charities

Ashburn Connection - The Connection Newspapers: "Freddie Mac Affects Charities
Dozens of Northern Virginia nonprofits rely on funds from Freddie Mac.

By David Schultz
Wednesday, October 01, 2008

Earlier September, the U.S. Treasury took over Fannie Mae and Freddie Mac, two mortgage lending giants that had been financially imperiled by the subprime lending crisis. Government control of these two institutions immediately sent shockwaves throughout the country’s financial system and foreshadowed several weeks of meltdowns on Wall Street.

But the fallout from the collapse of Fannie Mae and Freddie Mac isn’t just a Wall Street problem. The collapse of these two companies poses a serious threat to many local organizations in Northern Virginia."

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