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WASHINGTON, DC -- Fannie Mae (FNM/NYSE) and the Fannie Mae Foundation today announced that they are joining relief efforts by providing financial assistance to the victims and families affected by Hurricane Katrina. The Foundation will donate $1 million to relief efforts through a $500,000 contribution to the American Red Cross disaster relief efforts and an additional $500,000 for medium- and long-term efforts supported by the housing industry and housing organizations to help impacted communities recover and rebuild. Additionally, the Foundation also will provide matching funds for donations made by Fannie Mae and Foundation employees to hurricane relief efforts.
"Clearly, countless families directly impacted by the widespread devastation of Hurricane Katrina have a long road ahead of them," said Daniel H. Mudd, Chairman of the Fannie Mae Foundation. "We extend our condolences to all those affected and hope that these efforts can provide a small measure of relief and comfort to those who are coping with serious losses. "
The Foundation's donation to the American Red Cross will immediately support the organization's disaster relief service, which focuses on meeting people's emergency disaster-caused needs.
"The Fannie Mae Foundation is pleased to support these initial national efforts to provide immediate help to the American Red Cross disaster relief efforts," said Stacey D. Stewart, President and Chief Executive Officer of the Fannie Mae Foundation. "In addition, we will provide housing-targeted funding to nonprofits, which will support medium- to long-term housing relief to families."
Earlier this week, Fannie Mae announced mortgage relief provisions in place for borrowers in Mississippi, Louisiana, Alabama, Florida, and other states facing hardship as a result of the storm.
Through Fannie Mae's disaster relief provisions, lenders help borrowers in several ways, including suspending mortgage payments for up to three months, reducing the payments for up to 18 months, or in more severe cases, creating longer loan payback plans. Such assistance is provided on a case-by-case basis, and is designed to meet the individual needs of borrowers. Homeowners who experience a hardship should contact the lender to whom they send their monthly mortgage payment.
"There will be more to do," said Mudd, President and Chief Executive Officer of Fannie Mae. "Fannie Mae and our Community Business Centers in Louisiana, Mississippi, Alabama, Florida and other affected areas will be working with local leaders, lenders, homebuilders and non-profit partners to help rebuild communities and provide ongoing support and assistance as the situation unfolds."
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Fannie Mae is a New York Stock Exchange Company. It operates pursuant to a federal charter. Fannie Mae has pledged through its American Dream Commitment to expand access to homeownership for millions of first-time home buyers; help raise the minority homeownership rate to 55 percent; make homeownership and rental housing a success for millions of families at risk of losing their homes; and expand the supply of affordable housing where it is needed most. The Fannie Mae Foundation creates affordable homeownership and housing opportunities through innovative partnerships and initiatives that build healthy, vibrant communities across the United States. The Foundation is specially committed to improving the quality of life for the people of its hometown, Washington, D.C., and to enhancing the livability of the city's neighborhoods. The Foundation, a private nonprofit organization supported solely by Fannie Mae, has regional offices in Dallas; Pasadena, Calif.; and Philadelphia.
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