Freddie Mac and Magic Johnson Stress Financial Literacy to Young People

Freddie Mac is the presenting sponsor of the Taylor Michaels Scholarship Fund Leadership Conference during the week of July 26, a program of The Magic Johnson Foundation that brings together more than 100 young people for a learning and leadership opportunity.

The Scholarship Fund is designed to provide support for deserving inner-city high school students who exemplify a strong potential for academic achievement but face social-economic conditions that hinder them from reaching their full potential.

Taylor Michaels was the Chief Operating Officer of Magic Johnson Enterprises at the time of her passing. Taylor had great compassion for inner city youth who were striving for a higher education. She empowered them with her trust and confidence to see opportunities, not obstacles. The Magic Johnson Foundation established this scholarship fund to honor Taylor's legacy and memory "because she cared."

Since its inception in 1998, 150 students have received financial assistance to attend the college/university of their choice. The Magic Johnson Foundation/Taylor Michaels Scholarship Fund assists recipients throughout their entire undergraduate experience through several unique components including a mentoring program, internship program, and Life and Practical Skills classes.

During the conference, Freddie Mac is hosting a CreditSmart^® seminar for conference attendees to educate them about the benefits and process for achieving homeownership. CreditSmart is the nationally acclaimed financial literacy curriculum designed with the Rainbow/PUSH Coalition and five Historically Black Colleges and Universities.

This effort continues Freddie Mac's work with Magic Johnson. Last year, Freddie Mac partnered with The Magic Johnson Foundation on an initiative that provides financial literacy training by the Magic Johnson Foundation using Freddie Mac's CreditSmart curriculum at the Foundation's computer centers across the nation. The curriculum consists of nine modules that help consumers obtain the knowledge and skills necessary to effectively manage their money and to positively impact their credit.