Minority Careers to Suffer in Fannie and Freddie Closures
(Washington Post) — Dialing back government support for District-based Fannie Mae and McLean-based Freddie Mac could have far-reaching implications for minority financial professionals in the Washington region. Not only are the mortgage finance giants two of the largest employers in the area, with a total of 10,000 workers, but many of those positions are held by people of color. Were the government-sponsored entities (GSE) eliminated, as the Obama administration is proposing, that may leave thousands of these professionals looking for a place to land.
“The private financial industry has not historically been as open to minorities as the GSEs,” said Anthony P. Carnevale, director of the Georgetown University Center on Education and the Workforce. “I don’t know why we would expect the private sector to hire as aggressively, first of all locally and second of all in the minority community, as Fannie and Freddie have.” The mortgage twins are widely considered progressive in their hiring practices, routinely recognized by publications such as Black Enterprise and Working Mother for efforts to recruit and retain ethnic minorities and women. Both entities have especially been lauded for their continued commitment to these practices throughout the downturn.