"We're extremely grateful to Freddie Mac Foundation for their generous contribution to ending the tragedy of family homelessness"

Well golly, Freddie Mac's foundation is giving what amounts to a loaf of bread to the community when compared to the annual salary of their top exec, who, it appears, can't manage his way out of a wet paper bag...

From Wapo 2004)

Freddie Mac chief executive Richard F. Syron was paid $3.6 million in cash and received an additional $9.2 million in stock and options in his first year at the top, a record level of executive pay for the housing finance company that follows its emergence from a damaging accounting scandal.

In addition to his $1.1 million salary, Syron received a $2.5 million cash bonus, $4.8 million in restricted stock and stock options valued at around $4.4 million.

I guess this is their way of saying they are sorry for the big scandal they were involved in a few years ago....

(From Wapo 2007) Syron took over at the end of 2003 with a mandate to clean up internal problems exposed by an accounting scandal. Under an agreement with regulators, the company was also supposed to separate the roles of chairman and chief executive "within a reasonable period of time" and put in place a succession plan for senior management.

Almost four years later, the work remains unfinished. As it repairs internal controls and systems used to track its financial performance, Freddie Mac has yet to resume filing routine quarterly reports on a timely basis. The succession plan collapsed in May when Syron's designated successor decided to leave the company. Freddie Mac now says it expects to appoint a new chief executive in mid- to late 2008.

Last week, Freddie Mac signed an amendment to Syron's contract that entitles him to what the company calls a "special extension bonus" of $3.5 million if he stays through 2009. That would be on top of a $200,000 raise, retroactive to July 1, bringing his base salary to $1.3 million.

Next year, Syron will be entitled to an equity grant of up to $9.4 million, of which he is guaranteed to receive $8.8 million.

In addition, Syron is eligible to receive a "special cash performance award" of up to $6 million through September 2009. "This opportunity is designed to provide additional incentive and recognition for the completion of a number of performance..."

Hmmmm. Looks they still have quite a way to go before they really grasp the concept of "social responsibility."

Corporate Social Responsibility

News

4.10.2008 - 11:43am ET

CSR News from: Freddie Mac Foundation

Freddie Mac Foundation Announces $800,000 Grant to National Alliance to End Homelessness to Support Effort to End Family Homelessness in D.C. Region

The National Alliance to End Homelessness will provide training and technical assistance to area service providers and public sector agencies in order to permanently house 1,500 homeless families

(CSRwire) WASHINGTON, April 10 /PRNewswire/ -- On Wednesday, April 9 at the National Alliance to End Homelessness Annual Awards Ceremony in Washington, DC, the Freddie Mac Foundation announced an $800,000 grant to the Alliance. The investment enables the Alliance to help nonprofit organizations and public sector agencies in the District of Columbia, Fairfax County, Va. and Montgomery County, Md. to implement their ten year plans to end homelessness and adopt Housing First initiatives for homeless families. Homelessness is a significant problem in the Washington, DC region. In January 2007, 11,762 homeless people were counted and over 4,851 were persons in homeless families. In the District of Columbia, there are 2,040 homeless people living in families on a given night. In suburban locations the numbers are smaller, but people in homeless families make up a greater percentage of the homeless population than individuals do. Approximately 60 percent of homeless people in Fairfax County and 56 percent of homeless people in Montgomery County live in families. All three jurisdictions have drafted plans to end homelessness, including interventions that will help homeless families access and stay in permanent housing; the next step is implementing the plans. The grant leverages the extensive expertise of the Alliance to provide intensive technical assistance and training to help transform each jurisdiction's response to family homelessness. Housing First, the cornerstone effort of the region's ten year plans, is an approach that radically changes how families experience homelessness by minimizing time in shelter and helping them rapidly access permanent housing and services. "The goal is for homelessness to be rare and brief," said Nan Roman, President of the National Alliance to End Homelessness. "We work to make home a place where children and families thrive. That's why we're proud to support the Alliance's efforts to end homelessness in our community. Strong, stable families are the cornerstones of a healthy community," explained Ralph F. Boyd, Jr., chairman and CEO, Freddie Mac Foundation. "Announcing this investment at the Alliance's event seemed fitting since it celebrates the major strides our nation is making in eradicating homelessness." "We're extremely grateful to Freddie Mac Foundation for their generous contribution to ending the tragedy of family homelessness" said Roman. "If it weren't for their support and dedication to this issue, we would not be able to provide the assistance necessary to help the region in its first, extensive effort at ending homelessness for over a thousand families." The National Alliance to End Homelessness' Annual Awards Ceremony brought together approximately 400 leaders from Capitol Hill and the Administration, as well as business leaders, philanthropists, housing and homelessness experts, and homeless and formerly homeless people. Participants gathered to honor the achievements of those in the private, public, and nonprofit sectors who have made significant progress in solving one of the nation's most complex social issues -- homelessness. Awards were presented to Richard Harris of Portland Oregon's Central City Concern for Nonprofit Achievement; Martin Dunn, President of Dunn Development Corporation in New York City for Private Sector Achievement; and Hennepin County, Minnesota Commissioner Gail Dorfman for Public Sector Achievement. Horace Sibley, Chairman of the United Way of Metropolitan Atlanta's Regional Commission on Homelessness, received the prestigious Macy Award for individual leadership in ending homelessness. The grant is part of the Freddie Mac Foundation's broader efforts to stabilize families in crisis and move them to self-sufficiency. Ensuring that vulnerable children and families have quality housing plus needed supportive services is key to helping them thrive. A philanthropic leader, the Foundation has helped better the lives of more than 1.7 million children. The National Alliance to End Homelessness is a nonpartisan, mission-driven organization committed to preventing and ending homelessness in the United States. The Alliance is a leading voice on the issue of homelessness. The Alliance analyzes policy and develops pragmatic, cost-effective policy solutions. We work collaboratively with the public, private, and nonprofit sectors to build state and local capacity, leading to stronger programs and policies that help homeless individuals and families make positive changes in their lives. We provide data and research to policymakers and elected officials in order to inform policy debates and educate the public and opinion leaders nationwide. http://www.endhomelessness.org Created by Freddie Mac in 1991, the Freddie Mac Foundation is dedicated to making home a place where children and families thrive. As the largest corporate funder in the Washington, DC metropolitan area, Freddie Mac and the Freddie Mac Foundation have invested more than $321 million in organizations serving the community. http://www.FreddieMacFoundation.org.

For more information please contact:

Lauren Wright NAEH 202-942-8246

Shawn Flaherty Freddie Mac Foundation 703-903-4384