Freddie Launches PAC

Congressionally chartered mortgage giant Freddie Mac has filed paperwork with the Federal Election Commission to create a political action committee.The move comes about seven months after its chief competitor, Fannie Mae, formed a PAC. A spokeswoman for the company said the PAC will allow Freddie Mac employees "a means of supporting Freddie Mac's mission" by donating money to elected officials that support its housing mission. By law, company employees can donate as much as $5,000 per year to a PAC. Legislation that went into effect last year eliminated the ability of corporations to make large "soft money" donations that could be used indiscriminately by political parties. In years past both Fannie and Freddie were among the largest soft-money donors in the nation. Freddie Mac's senior vice president of government relations, Clarke Camper, has been designated by the company to be its PAC officer. Freddie Mac can be found online at http://www.freddiemac.com.