Norton Receives Assurances from New Fannie Mae CEO (9/9/08)

Norton Receives Assurances from New Fannie Mae CEO

September 9, 2008

Congresswoman Eleanor Holmes Norton (D-DC) said today that she was greatly encouraged today by a conversation she had this afternoon with new Fannie Mae CEO Herbert M. Allison Jr. regarding the federal take over of Fannie Mae and Freddie Mac in light of the unique relationship of Fannie Mae with its hometown, the District of Columbia. Norton told Allison that Fannie Mae had long regarded its special relationship with the District as a substitute for unique congressional relief of the corporation from D.C. property taxes. She mentioned Fannie Mae's unusual partnership with the District in remaking entire neighborhoods of affordable housing, its help to reduce the rate of homelessness, as well as Fannie Mae's charitable giving, which like other private corporations, was often focused on its home base in D.C. Norton also raised Fannie Mae's place in the District's economy as one of the District's largest private employers. Allison, whose first day as CEO is today, said he had met with Fannie Mae employees to quiet their concerns about their jobs. He also reassured Norton about the issues she had raised and agreed to meet with her in the very near future to discuss Fannie Mae's unique position in the District.