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Fannie Mae and Loan Discrimination
The company has also done a lot to extend mortgage opportunities to minorities and women. They have established business relationships with over 300 women and minority mortgage lenders. Fannie Mae also sponsors an elder care initiative that focuses on their employees needs to care for aging relatives. In 1995, the organization donated $350 million in Fannie Mae stock to the Fannie Mae Foundation to fund its activities, which serve the non-profit housing community and provide public service outreach supporting homeownership. (ibid.)
Fannie Mae truly is an organization with a rich corporate culture and sense of obligation to its community. The biggest flaw that we encountered in studying their operations is learning about the amount of federal money went into the company's shareholders and CEOs. True as it may be that the organization contributes a great deal to society, federal money could be better spent and the organization should be held accountable for the benefit of the loan applicants and not just the shareholders.
- Describe Potential Forms of Discrimination in Businesses
- Fannie Mae and Loan Discrimination
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