The McCune Foundation blames the subprime mortgage crisis for a $130 million loss in assets that has forced the foundation to suspend grant giving until at least June 2008. In 2007, the foundation awarded $28.9 million in grants, benefiting institutions from Carnegie Mellon University to the Carnegie Museums of Pittsburgh. But this year the foundation has awarded no money so far because one of its major stocks, National City Corp., has lost almost two-thirds of its value in the subprime mortgage mess. As a result, McCune's assets dropped from $606 million last year to $515 million this year.
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