LayoffBlog.com

January 23, 2009

Fannie Mae Laying Off Hundreds

According to The Washington Post: “Fannie Mae, the District mortgage giant taken over by the federal government last year, is laying off several hundred employees locally as it reorients itself to focusing on preventing home foreclosures.

Starting today, the layoffs will be concentrated among employees working in technology, administration, communications and the company’s single-family unit, which works to buy and bundle mortgages from lenders.
Fannie plans to hire a similar number of people in the Dallas area, where the company bases its anti-foreclosure unit. ”

Brian Faith, “a company spokesman said the total number of Fannie employees should remain the same in 2009 as in 2008, at just over 5,500.”

4 Comments »

  1. Doesn’t Fannie Mae employ tens of thousands of people? Compared to a lot of companies, this doesn’t sound like much. (Not that any layoff is trivial, I understand; just saying, for comparison sake, seems “light.”)

    Comment by Jamie — January 26, 2009 @ 12:35 pm | Reply

  2. Not “tens of thousands”! Read the last paragraph from the company’s spokesperson – they have only 5500 employees.

    Comment by Anonymous — January 27, 2009 @ 8:54 am | Reply

  3. Yes, Fannie only runs about 6000 employees on average. They laid-off 10% of the workforce in 2007, more in 2008, and the goal was another 10% in 2009. I was a stalwart Fannie supporter; I believed in what our CEO told us. Turns out, I should have listened to the media as I am now one of the newly unemployed.

    Comment by anonymous — February 1, 2009 @ 6:38 pm | Reply

  4. It sounds like more layoffs are expected in Fannie Mae. These actions by the executive team have not been communicated properly.
    I understand that Fannie Mae wants to be part of the solution and help homeowners stay in their homes but at the same time the executive team decided to layoff hundreds of employess who will more likely than not end up in a difficult financial situation and then foreclosure ….. Does not make that much sense. does it?

    Comment by Greg — February 11, 2009 @ 8:29 pm | Reply


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