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|FREDDIE MAC FOUNDATION|
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The Freddie Mac Corporation is a shareholder-owned corporation that was chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders. The corporation's stated mission is "[to make] the American dream of decent, accessible housing a reality" for many people who might otherwise be unable to obtain mortgages for property they wish to buy. Toward this end, the corporation purchases mortgages from lenders and packages them into securities that are then sold to investors. In 1991, the Freddie Mac Corporation established a grant-making arm called the Freddie Mac Foundation, which has become one of the largest corporate funders in the Washington, D.C. area, having given more than $174 million to its chosen groups and causes between 1991 and 2006.
The Freddie Mac Foundation focuses its philanthropy primarily on recipients in the metropolitan Washington, DC area, where the corporation's headquarters are located. The Foundation also gives large sums to groups based in those cities where Freddie Mac's corporate regional offices are situated.
The Foundation views the social and economic struggles that afflict low-income minorities as problems that can be ameliorated by taxpayer-funded social programs targeting what the Foundation calls "at-risk" populations. Thus the Foundation contributes heavily to childcare facilities; "parenting support and child enrichment" services; "home-visiting and support services to parents who are at risk for child abuse and neglect"; programs designed "to help prevent at-risk youth … from entering the juvenile justice system"; and programs that "reach out to families to offer support at birth or before."
The Foundation has three signature programs:
The Capital Research Center, which rates the political leanings of advocacy organizations, characterizes the Freddie Mac Foundation as a "radical left" group.
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